Return of Good Faith Deposit

[stuckinla]

What is the name of your state? CA

I put an offer on a house and supplied a large amount of earnest money to escrow. Due to Job changes and uncertainty and items found during the inspection and our due diligence review of the property, we decided to cancel escrow. We did this within 17 days of the offer per the terms of the "out clause" in the standard california real estate contract.

Problem...it's been over 30 days and the seller refuses to sign the escrow instructions for the return of the deposit....sour grapes I guess since they thought we were not serious "good faith" about the house (no, in 15 days we only listed and sold our house, hired and paid for an inspector, appraisal and all sorts of other work to acquire the house and sell our current house...right).....not serious...sure.....

So what's the next step?

Send a demand letter for release of funds, mediation, contact an attorney?

I'm thinking "Mr. nice guy " time is over and it's time to send a message.

Any advice is appreciated.

 

[HomeGuru]

What is the name of your state? CA

I put an offer on a house and supplied a large amount of earnest money to escrow. Due to Job changes and uncertainty and items found during the inspection and our due diligence review of the property, we decided to cancel escrow. We did this within 17 days of the offer per the terms of the "out clause" in the standard california real estate contract.

Problem...it's been over 30 days and the seller refuses to sign the escrow instructions for the return of the deposit....sour grapes I guess since they thought we were not serious "good faith" about the house (no, in 15 days we only listed and sold our house, hired and paid for an inspector, appraisal and all sorts of other work to acquire the house and sell our current house...right).....not serious...sure.....

So what's the next step?

Send a demand letter for release of funds, mediation, contact an attorney?

I'm thinking "Mr. nice guy " time is over and it's time to send a message.

Any advice is appreciated.

**A: time for an attorney. If that demand letter does not then ADR and court interpleader.

 

[stuckinla]

**A: time for an attorney. If that demand letter does not then ADR and court interpleader.

Thanks...So I take it an Attorney would draft the demand letter (vs the agent). I assume I need to get him/her a copy of the final agreed upon sales contract with dates and the date of written notice to cancel the contract as well as the notice from escrow to sign the escrow instructions to return the deposit. Is that all they need to start this action?

What is ADR?

 

[HomeGuru]

Thanks...So I take it an Attorney would draft the demand letter (vs the agent). I assume I need to get him/her a copy of the final agreed upon sales contract with dates and the date of written notice to cancel the contract as well as the notice from escrow to sign the escrow instructions to return the deposit. Is that all they need to start this action?

**A: yes, all written contracts and docs and an interview with you.
*********

What is ADR?

**A: by virtue of the terms and conditions in your contract, you may have agreed to mediation and arbitration, rather than litigation, as a form of Alternative Dispute Resolution.

 

[stuckinla]

**A: by virtue of the terms and conditions in your contract, you may have agreed to mediation and arbitration, rather than litigation, as a form of Alternative Dispute Resolution.

ADR is in the contract, correct.

Appreciate the advice and will keep this forum posted on progress.

 

[HomeGuru]

ok, good luck to you.