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Updated over 6 years ago on . Most recent reply

Account Closed
0
Votes |
9
Posts

Fund not released to seller 6 monther after agreement

Account Closed
Posted

Good morning,

I have a complex situation that is very strange.

I closed on a property in Alabama (I am the buyer) in February and the money is still in Escrow at the attorney.

The reason for this is "apparently" after the tornado the property was damaged. The brokers says she does not want to release Funds to seller before work has been made and paid for by the insurance. It is 6 months now and I get many escuses (Contractor from Insurance does not do the job, Contractor went broke, Seller is meeting with attorney General...)

Is this a common situation ? Would I be able to back out ?

Thank you

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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
13,508
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

If you “closed” the deed should be recorded on your name, and any mtg/liens paid off.....don’t know why you would care.

Please don’t tell me the seller’s contractor is supposed to be repairing “your” house after you closed.

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