Re: Backing out of a real estate contract

I have a different take. Most standard agreements for the sale of real estate have very specific liquidated damage provisions regarding the deposit. If you "back-ed out," and I do not know what that means, then you are more than likely not entitled under the contract to recieve your deposit back (unless you backed out for a specific reason which entitled you to your deposit back - e.g., property inspection contingency - whether or not the seller sold to somebody else at any price.

You raise other issues - fraud. Who defrauded you, the realtor - if this is the case you need to seek relief there.

Bottom line, without more information I cannot advise you, however, understand that you may have screwed up, probably because you had a dope for a real estate agent and you didn't want to spend the money to have a lawyer advise you BEFORE you were in the position you currently find yourself in. I am sorry for sounding so harsh - I am a real estate attorney that routinely sees real estate agents mess people up, whetehr deliberately to make a sale or unitentionally because they are simply idiots unfit to do their jobs.

Whatever the reason, trust me, you are going to find it tough sledding to get your money back. What puzzles me is that the seller hasn't yet filed suit to obtain the deposit - if, as my colleague states the money will "escheat" to the state than seller is no better off and should just give it back.

Alternatively, time is on their side and they may feel that they would be better off in a defensive position after you sue them to get it back.

Whatever you decide to do get a competent attorney to help you. You may have a lawsuit against any number of people. That monkey business of sending letters to people and making noise is just that - monkey business. Although it is free because you can do it yourself, it will not likely lead to positive results - and could come back to bite you.

Your remedy lies in the courts. You may or may not win, but that is where you need to go and soon!

Re: Backing out of a real estate contract

You asked about getting a deposit back from a real estate transaction.

Attorneys are held to a higher ethical standard than the average person. Go ahead, snicker. But it is true. Our job is to skate right up to the edge of the law and not go over. It is often exactly what our client's are paying us to do. The problem is that we sometimes carry that over into our personal lives.

If you you want to get into the ring with an fighter then you have to play their game. Don't play another person's game, play the games you know you can win. Play in forums that you choose and get fighter on your side.

Because the seller sold for more than your offer you are due the entire deposit back. There are always three solutions to every situation accept the situation, reject the situation or leave the situation.

In this case the worst that can happen is that you leave the situation. In a few years the Realtor must deposit the funds with the state as abandonded property. These are called escheat laws. When the property is submitted you can thenm claim the funds easily.

You can also choose to fight. You may win in court but as you noted the other party can make it expensive. So have someone else fight for you. Get the Realtor to have the fight. Send letters of complaint to the board that license the real estate agents and brokers, send a complaint to the agency that the Realtor operates through (probably National Association of Realtors) and any other agency of which you can think. Let them do the work for you. How about the attorney general, sure get him involved too.

If the seller wants to be a dick then you just to prove that you can be a bigger dick.

How about also sending a formal complaint to Disciplinary Board of the Supreme Court (they are responsible for lawyer discipline)? http://www.padisciplinaryboard.org/

have some fun with it. If the seller is just trying to make you waste time and effort then don't. Make the seller and the Realtor work.

One caveat, DON NOT THREATEN to do any of these actions. Don't discuss them don't suggest you will, just do them. Threatening of any type easily falls into a criminal category.

Just make certain that whatever you write is well written, clear and concise. Ask people you know to help with it. Have it proofread and always send everything by certified mail return receipt requested.

Good luck. And seriously, have fun with this. Use it as a learning experience.

Regards,

Re: Backing out of a real estate contract

You asked about getting a deposit back from a real estate transaction.

Attorneys are held to a higher ethical standard than the average person. Go ahead, snicker. But it is true. Our job is to skate right up to the edge of the law and not go over. It is often exactly what our client's are paying us to do. The problem is that we sometimes carry that over into our personal lives.

If you you want to get into the ring with an fighter then you have to play their game. Don't play another person's game, play the games you know you can win. Play in forums that you choose and get fighter on your side.

Because the seller sold for more than your offer you are due the entire deposit back. There are always three solutions to every situation accept the situation, reject the situation or leave the situation.

In this case the worst that can happen is that you leave the situation. In a few years the Realtor must deposit the funds with the state as abandonded property. These are called escheat laws. When the property is submitted you can thenm claim the funds easily.

You can also choose to fight. You may win in court but as you noted the other party can make it expensive. So have someone else fight for you. Get the Realtor to have the fight. Send letters of complaint to the board that license the real estate agents and brokers, send a complaint to the agency that the Realtor operates through (probably National Association of Realtors) and any other agency of which you can think. Let them do the work for you. How about the attorney general, sure get him involved too.

If the seller wants to be a dick then you just to prove that you can be a bigger dick.

How about also sending a formal complaint to Disciplinary Board of the Supreme Court (they are responsible for lawyer discipline)? http://www.padisciplinaryboard.org/

have some fun with it. If the seller is just trying to make you waste time and effort then don't. Make the seller and the Realtor work.

One caveat, DO NOT THREATEN to do any of these actions. Don't discuss them don't suggest you will, just do them. Threatening of any type easily falls into a criminal category.

Just make certain that whatever you write is well written, clear and concise. Ask people you know to help with it. Have it proofread and always send everything by certified mail return receipt requested.

Good luck. And seriously, have fun with this. Use it as a learning experience.

Regards,