Expert: Karyn Foley - 11/11/2009

Question
We made an offer on a short sale property in Florida, our realtor (personally known)said the sellers realtor from a well known reality company requested 3.5% earnest money. We recently found out from the sellers realtors' broker, that the realtor had been terminated due to missing escrow deposits. The broker also stated that our earnest money had not made it into his escrow account and that he did not know anything about our contract. Except for our realtor reporting the incident to the Florida Association of Realtors and to law enforcement. Is there anything else we can do to get our funds back?? Any help would be much appreciated. Thank you for your help.

Richard

Answer
Dear Richard:  What a nightmare.  I am so sorry you became involved with something so nefarious.  Each agent is under the jurisdiction of a broker for the company. Also, call the corporate office of that particular company because there is accountability from the company, I believe.   That broker seems to be skirting the issue. The offer was probably written on a contract from the company and that company has responsibility. You should say that you simply want your money back, but if not, you will contact an attorney and see what your rights are and file a complaint against the company with the state department of real estate.  Say those treats in a nice manner and use them as a bargaining chip.  If you do get your money back then you will leave the entire matter alone and in the hands of the company to go after the agent.  Good luck and let me know what happens.  This is so horrible for you and an unspeakable act for a professional to do to you.  Please don't hold it against the industry.  Karyn Foley