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how do a buyer get back escrow money

Is there a way for a buyer to get back escrow money after the contingency period ?  Buyer found a major problem in the house after the contingency period.  Please help.
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January 13 2010 - US
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Answers (4)

Not sure why buyer waited until contingency expired but, probably depends on if the seller was covering up something that should have been disclosed by seller.  Also depends on disclosure laws in your state.  Most 'major' problems are discovered with a typical home inspection.
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January 15 2010
This question is too complex to give you a straight answer.  I suggest that you contact an attorney.  I presume you were not working with a buyer agent, or he/she could guide you through this process.
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January 14 2010
You should take all the contract papers to an attorney and explain what has been discovered. Only then will you know whether you have any legal options available. Even so, the seller and any real estate brokers involved will have to agree in writing to return all or part of your deposit or it can be decided in court. Escrow money in most states is not automatically returned, even if termination is requested before the expiration of any contingencies. All parites must agree or fight it out in court.
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January 14 2010
It depends on how the contract was written. What does your Realtor say? If you feel you have a legitimate reason to get your money back at no fault of your own, contact a real estate attorney. Each state is different as is each contract. There is not information here to answer your questions concisely.
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January 13 2010
 
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