Expert: Jessica Bryan - 3/5/2009

Question
QUESTION: We entered into a Sales Agreement to purchase a bank-owned foreclosure property back in 2007 and gave $3000 as a good faith deposit.  The agreement/closing and settlement was contingent upon both my husband and myself obtaining financing/a mortgage, which weren't able to do.  We contacted the seller's agent and informed him of this fact and he said everything should be fine to send in the release form and get our money back.  We signed along with our agent, but was then told by his seller's agent that the bank wasn't going to return the money.  My agent (who is pretty old) was working on pursuing getting our money back, but nothing ever transpired, and unfortunately we weren't sure of what to do and admittedly wasn't as persistent as we should've been, but could really use that money now. Is there a sol to get the money and how do we go about getting it?  Thanks

ANSWER: Dear 'Eagerly Awaiting';
I am hoping that your agent is working for a real estate company and not as an independent broker.  If that is the case, you should contact the managing broker and ask for his/her assistance.  If not, then go to the seller's agent and ask for immediate resolution.  If the agent works for a real estate company you can also call that managing broker.  If you don't get anywhere with that, then call the real estate commission.  Ask for the legal department and speak with an advisor on how to proceed.

Best wishes,
Jessica Bryan

---------- FOLLOW-UP ----------

QUESTION: Ok, thanks Jessica.  Our agent does work for a real estate company and the seller's agent also works for a real estate agent so I will follow through with trying to make lead way with them to get out money back. My other question was if there's a statute of limitations in filing a claim of some sort to get the money.  Is there?  Again, thanks for the advice.

Answer
I don't know why there should be a statue of limitations since you asked for the money back and have been waiting all this time.  If you have a question about your rights in your state (since laws differ from state to state) you may have to check with an attorney.  Again; I suggest the real estate commission attorney.

~Jessica Bryan