I was in contract on a house with 1500 dollars in escrow, I paid the inspection and the appraisal fee . The house appraised for 5000 less than asking which was 125,000, we tried to meet the seller halfway and offered 122,500 he refused and we had to cancel the contract as the bank would not go higher& the real estate agent did not think we should pay 5000 over appraisal. On top of losing the money for inspection and appraisal the seller refuses to sign the release for monies in escrow and the escrow bank people tell me I just have to wait till he is ready, they have also told me that he is not entitled to this money and it is mine. What is my recourse to get my monies released to me.
Answer
1. you should have hired an attorney to represent you with regard to the closing.
2. your contract controls your entitlement to the deposit return. have a attorney review your contract now.
Answer
If the contract provides for return of the deposit, you can sue in Small Claims court.
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