Washington  |  Real Estate Law

Legal Question

Asked on: 10/07/05, 12:32 am

escrow money

We had a buyer make an offer on our house, and through our agent we had come to an agreement on a price pending an inspection. The buyer put $3000.00 down in escrow on a $282,000 purchase price. The inspection revealed we had polybutelene plumbing and we renegotiated the price down to $277,000. All new agreements were signed by both parties and we set a close date. 10 days before the close our buyer now wants out due to the plumbing and the $3000 back. They have fired their agent and will not show up at our set closing date. We are not going to let them back out of the agreement. How much of a case if any do they have to get the escrow money back? The property inspection was quite through and they took 3 days before signing the new agreement after the inspection. Then waited 2 1/2 weeks before deciding they wanted out.

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