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Answers (5)
- Allison Ables, "Gainesville Realtor"
- Contributions:458
probably because most agents don't even totally understand rules and laws governing the handling and returns of escrow monies.
- Jeff Konstant, "jkonstant"
- Contributions:1970
OK, here is a specific situation. A buyer and seller have a signed contract. The FHA appraisal is fine until underwriting gets it and revises it downward. Seller says no to lowering the price, buyer says fine I'm outta here. Broker sends the seller a release form and the seller refuses to sign, actually seller changes the amount due the buyer from $1000 to $300 to cover his costs for making repairs and buyer says no. The financing contingency could not be satisfied and contractually the seller has no rights to the deposit or any part of it. Simple so far. However, the escrow laws are specific and require both parties to agree/sign in order for the money to be released. In the mean time the buyer is feeling they are out the money and now must go to court. Why is this not clearly in writing on contracts to eliminate "some" of the problem with agents not advising their clients in advance? Buyer's need to know they may have trouble getting their money back.
- SusanHH
- Contributions:24
Based on replies here it would seem that they think, "you can't handle the truth."
Don't accept it. Think for yourself. There's nothing rocket surgery about any of this stuff.
Don't accept it. Think for yourself. There's nothing rocket surgery about any of this stuff.
- don bro, "Broker_Dave"
- Contributions:41
I doubt that when escow is given to an agent that agents would even think about explaining the whole process of escrow.
It is something given in good faith, if the seller does not feel that you have held up your end of the deal then the can contest it, what was the reason?
There are a lot of laws about escrow, do you want me to tell you all of them?
You might have to wait for the money but it is a good honest process in florida.
It is something given in good faith, if the seller does not feel that you have held up your end of the deal then the can contest it, what was the reason?
There are a lot of laws about escrow, do you want me to tell you all of them?
You might have to wait for the money but it is a good honest process in florida.
- falsedawn
- Contributions:98
"why are buyer's agent's not required to advise the buyers that the release is not a unilateral option and both parties and brokers must agree in writing?"
My guess would be that it may "scare off" potential buyers from making a deposit, and agents/brokers are probably more interested in making the deal happen than protecting their clients' interests.
A good reason to have an attorney on your side.
My guess would be that it may "scare off" potential buyers from making a deposit, and agents/brokers are probably more interested in making the deal happen than protecting their clients' interests.
A good reason to have an attorney on your side.
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