I put $7,500 in escrow with Lighthouse Title in the Detroit, MI area for a 5 property package deal. The RE company PeaceTree Homes can't secure financing and my funds have been tied up nearly 6 months now.
Now PeaceTree wants to change the escrow to a single property deal on a new house (which I haven't signed a purchase agreement on and won't) then use my $7500 as the deposit on the new property. I have no faith in them to close escrow on the new property and have asked to get my deposit returned;, they have refused. Is there any way to end the first escrow and get my deposit back?
1 Answer from Attorneys
A lawyer would have to review the terms of the escrow agreement to determine under what circumstances you are entitled to a refund of your money, whether it is a full refund, and who needs to sign off on the escrow in order for you to get your money back. Sounds like this company is trying to convince you to get involved in another deal, simply so they can make a commission and/or money off you and others. If they failed to perform, and you had nothing to do with this, and you want your money back - that should be your choice - simple as that.