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#204936 - 02/21/08 01:20 PM Escrow dilemma
FLDave Offline
Member

Registered: 08/14/06
Posts: 75
Loc: Florida
I have a company that wants to see the contract, their addendums, a letter from the bank and a copy of the escrow deposit.

Normally this wouldn’t be a problem but they are countering two offers and I am not comfortable telling another agent to collect a deposit on something they still may not get.

Adding to this problem is that we (my broker) and the other agents don’t have an escrow account it all goes to the title company and I don’t know who the title company is. Also to stay with in the law that money has to be deposited with in an escrow account.

So to do as the client requested (demanded really) I have to get copies of check that will be given back to the buyers because I don’t have any place to deposit them, or just send them what I have and hope they understand (not likely) the problem.

Sent email left voice mails with the seller (AM company selling it for the bank) but as of yet no response.

What do think I should do?

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#204967 - 02/21/08 03:31 PM Re: Escrow dilemma [Re: FLDave]
Mr. Foreclosure Offline
Major Contributor

Registered: 09/01/06
Posts: 2834
Loc: upstate New York
I think you need to have your broker set up an escrow account. Don't let the earnest money get away before you have a contract (it is a lot harder to return when you don't have it or a contract to apply it toward).

In New York we do not have to deposit in an escrow account until the contract is finalized; at which point we have 1 business day to make the deposit.

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#205000 - 02/21/08 05:22 PM Re: Escrow dilemma [Re: Mr. Foreclosure]
LandBaron Offline
Member

Registered: 11/25/06
Posts: 186
Loc: Los Angeles
Are you sure they don't just want a copy of the deposit check?

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