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Updated about 9 years ago,

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1
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Jerry Stricker
  • Columbus, OH
0
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1
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Proposed escrow change after closing

Jerry Stricker
  • Columbus, OH
Posted

I need the advice of this great community. I am the seller in a botched real estate deal. I had a purchase contract that explicitly stated we would provide a $2500 credit for an A/C install. I pre-signed (out of state) the day before the closing. When the closing papers came the next day I noticed on the HUD that the settlement to me (seller) was $600 less then the day before when I signed. This opened up a can of worms and confusion with multiple answers and solutions. It was discovered that the $2500 credit was actually taken out of my settlement twice so the closing papers were $3100, not just $600, short of what I agreed to. Apparently somehow the lender never agreed to the credit deal as we had it in the purchase contract. Now it's 6 days after the closing, the buyer has been in the house, and they haven't released any of the money. Our realtor has given us a new escrow agreement that states we are completely responsible for the install of the a/c. He says that there is no way the lender would come after us for an amount in excess of the credit. However, he does say they could, but that we would have a much better case back at them given what has transpired. I can't get past the fact that he wants us to sign a deal, that we never agreed to, and meanwhile the buyer has the house. He said our only other option is to seek legal counsel. I would rather not do that because I know that will take longer and could be quite costly. I have documentation of all of this, and it feels like fraud.

I'd be happy to provide any of the exact wording of this situation. Or any other info that would help explain it. Any input is greatly appreciated.