Do I need a lawyer?? Duplex Purchase Dispute

[Patrick Senas]

Hi,

So I've started previous discussions on here regarding my dispute with the sellers over the EMD. Essentially I removed all contingencies on day 17 (part of the counter offer from seller) under the impression that my loan was fully funded. The lender told me I was good to go and only minor things were needed from me, i.e. updated paystubs and statements. I was using the rent value the seller advertised to boost my qualifying income. The VA appraiser came in with a lower rent value. The lender led me to believe that he has seen the actual appraisal and we were solid.

Fast forward to today. Since I removed contingencies my EMD was "hot". I told the seller everything and they were working with me as far as timelines. My lender challenged the appraisal 2.5 weeks AFTER I told him to do it and were still waiting on the VA to respond. Were well past the close of escrow date at this point.

We kept escrow open in case I was able to get the loan funded. I worked it out with the seller that when the time came, we either close together or close when they have a new buyer. So they have a new buyer now with multiple offers on the home. They want me to close escrow but put off making the decision on the EMD after they close with the new buyer.

I told them no. I sent them a new cancellation of escrow with the seller returning my EMD to me, minus escrow fees. They came back and told me if I don't sign their cancellation of escrow with their terms then they will come after me and sue me for damages. I want to close escrow, I'm not trying to hold anything up. I told them I want to make a determination on the EMD now and not after they close with a new buyer. I have nothing to do with their deal. I am willing to negotiate but I feel like they want me to wait so they can stiff me after the fact.

So my question is, can they really come after me? The way the escrow docs are written any disputes we have over the EMD will be hashed out in mediation and arbitration. I'm not trying to block their deal. I've already sent multiple cancellation of escrow over to them. They're trying to delay making a decision until after they close. Should I get a RE lawyer involved or wait until they file an action against me?

Thanks,
Patrick

[Russell Brazil]

Let them know that if they do not release the EMD you will be contacting every title company within 50 miles to make them aware about the EMD dispute. By doing this, no one will clear the title on the property and they wont be able to close the sale. Thay threat will likely get your EMD released.