Do I have any recourse on property that I made and offer on if the owner backed out and is now asking more than my accepted offer?
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Do I have any recourse on property that I made and offer on if the owner backed out and is now asking more than my accepted offer?
I made an offer on property that was for sale and the owner accepted. this wa 2 years ago. I put $1000 down and it went into escrow. He later withdrew on the contract and cheated me out of the $7200 first time home buyer’s credit. The real estate firm that was handling the sale, told me that I better not leave that money in escrow. I had to sign a paper saying that I withdrrew my end of the deal about 5 days after the owner signed it. Now it is for sale again for more money than what I offered. Do I have any recourse, and what would it be?
Asked on January 19, 2012 under Real Estate Law, California
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you signed some document several years ago canceling the escrow for the purchase of the property that you are writing about with a full release to the seller, then most likely you have no recourse against the seller for specific performance to purchase this property under the contract that the seller signed.
If you did not sign a full release concerning this property with respect to any escrow cancellation, then you still might have some basis for specifically enforcing the written contract to buy the property that you entered into several years ago. I suggest that you consult with a real estate attorney further about the situation you are writing about and have him or her review all paperwork concerning this property.
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