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Buying or Selling a Home/how to get earnest money back
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Question
We put $4000 of earnest money in an escrow account of a title company. A few days after they cashed out the money, they went bankrupt. Court freezes all its accounts and it is sued by an insurance company. We were told that a lot of money in their accounts went missing. What shall we do to get the money back? Thank you in advance.
Lei....sorry to hear about this. It is my understanding that these type of companies are bonded for very high amounts of money. Probably will need to contact the insurance co. that is suing them....sounds like they may be the "bonders". They may have $$ in reserve for this purpose, but have to go through the courts to legally disburse the funds.
Sorry this is not my area of expertise.....good luck. "~ Mike
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Michael McClure
Expertise
I am a licensed specialist in mobile home sales in the South Bay area of So. California. I can answer questions related to buying and selling used homes that are already placed in parks, and placing NEW HOMES in park or private land. My previous banking background will also be of help to you re: financing questions. I am not a lender, but may be able to head you in the right direction.....I DO provide financing for my customers!
Experience
Many years of experience in the mobile/manufactured home business, as well as ten years major bank background.
Selling,listing and providing financing for used and new homes.....why pay the landlord's mortgage??
Pay your own, and have something for the future!
MMCCLURE@TROPHYHOMESINC.COM
310 386 1061
WWW.TROPHYHOMESINC.COM
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