Expert: Jessica Bryan - 9/2/2008

Question
QUESTION: In January 2008 my realtor   received  a $2000.00  deposit on a house i was selling ,the buyer failed to get  the mortgage  because he  misinformed the mortgage company about his employment record .i signed 2 more extensions which he tried with 2 different mortgage companies  and failed to get the mortgage.
In April 2008 i sold the house  to a different buyer and  my realtor said that the first buyer would have to sign a release to get the $2000.00 dollar deposit,during the 3 months wait ,i had to pay property taxes and gas ,electric, water, and insurance. anything you can tell me that would help me claim the deposit would be appreciated.  as of now the realestate company is  holding the $2000.00 dollar deposit.because i will not sign a release to return it to buyer . please help thank you ..Charles Slaughter.

ANSWER: Dear Charles;
I don't want to play 'attorney' so I really think that the best thing for you to do is to consult a real estate attorney to review the contract and help with this.  You have the right to retain the deposit if it is agreeable with the defunct buyer, but since this has become a disputed issue it will undoubtedly be arbitrated.   

Certainly, in an arbitration or other legal action you can show that you have been damaged by buyer default and perhaps misrepresentation and therefor claim the deposit as compensation. However, you never know how things will ultimately be decided.  You should ask for your agent's brokerage to assist you in legal procedure since they represented you in this transaction.

Best wishes,
Jessica Bryan

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QUESTION: I cant find the section to rate your answer , But i like to thank you for your advice.  You set me  straight
         Thanks again

Answer
Dear Charles;
I requested that my name be taken off of the rating system simply because I found that I preferred to be (sometimes) blunt with people and didn't want it to affect my rating because someone didn't like my answer.  Sometimes honesty has a way of upsetting people and for the good of all who might visit this website it seems to me that people should get the 'straight' answer instead of the experts being 'blackballed' by unfavorable comments.  Therefore, I find that this service is far more beneficial when people receive the answers without the expert trying to win a popularity contest.  
I do appreciate it when people like you take the time to thank me for my assistance though and this is why I continue to volunteer my time.  I like to think that I have in some small way helped someone.
Sincerely,
Jessica Bryan