Is there any way that I can get my deposit back?

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renesmee_28

New member
Recently, I opened escrow on a house, but when the appraisal of the house came back the price of the house was lower than the price that the seller was asking for. The seller didn't want to lower the price according to the appraisal. Now I want to get my deposit back, but the 17 days clause already passed, so the seller doesn't want to give me back my deposit. Can somebody tell me if there is a way that I can get my deposit back, because I didn't back out of the purchase of the house, the seller did.
 
renesmee_28 said:
Recently, I opened escrow on a house, but when the appraisal of the house came back the price of the house was lower than the price that the seller was asking for. The seller didn't want to lower the price according to the appraisal. Now I want to get my deposit back, but the 17 days clause already passed, so the seller doesn't want to give me back my deposit. Can somebody tell me if there is a way that I can get my deposit back, because I didn't back out of the purchase of the house, the seller did.
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Have you spoken to your agent and/or your agent's broker about the matter.  Since you did not sign a Contingency Removal Form you will not lose all of the deposit.  If you've tried in good faith to work things out with the seller but they are unwilling to resolve the matter, you might have to go to mediation and/or arbitration.  You have a good chance of winning since you are exercising your appraisal contingency out.  Escrow will probably charge some fee (around $500) and you'll have to pay the mediator or arbitrator.  The other question is how quick do you want to get your money back because remember that the seller can not enter into a new escrow until your escrow is officially canceled.  Good luck.
 
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