Escrow in Tennessee?

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I put $1,000 in escrow toward the purchase of a house contingent upon being approved for financing within the 30 days. Unfortunately I was not approved for the loan.

Now my real estate agent is trying to get me to sign the escrow over to the sellers because they "took their house off of the market" when they accepted the contract and therefore they are owed the escrow.

I did not ask for them to take their house off the market and did not know that was possible that quick anyway.

I have until tomorrow night to return the signed disbursement papers otherwise the real estate agent drops the escrow check off with the courts.

Am I really liable for someone else's decision to take their house off the market? What are the ramifications if I do not turn in the signed disbursement and the agent drops the check off with the courts?

Escrow in Tennessee?

This is a scam. The sellers are not owed any money. They should have kept the house on the market listed "In Escrow -- Sale Pending". They can even accept backup offers. I wish I had all the escrow money from buyers who could not complete the sale for whatever reason. Escrow is a pending state. There is no sale, and no money should EVER change hands, until escrow is CLOSED.

Escrow in Tennessee?

Look at the Agreement of Sale papers that you signed. The disposition of the $1000.00 will be clearly stated.

Escrow in Tennessee?

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Escrow in Tennessee?

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