California real estate broker cashes the deposit check for a house that rejected ur offer?

Question

You hire a real estate broker to submit an offer on a house & give her a deposit check made payable to the broker since we don't know which escrow company to use. The owner rejects your offer. You back-out of the deal. Later you find out that real estate broker cashed your check. What would you do in this case?

Answer 1

I would talk to the Broker of the office or manager and demand they return your check as it has placed in the Brokers Trust Account.

Your funds will be returned and if not this would be a major violation with the Department of Real Estate in CA.

Answer 2

First I would read any contracts I had signed when 'hiring' my agent or the actual offer. Then I would ask for my money back immediately. If they can't or won't issue a check I would go to www.dre.ca.gov and file a complaint with the CA Dept. of Real Estate. They have zero tolerance with trust fund violations. If the owner rejected your offer, there was no deal for the buyer to back out of and the check should not have been cashed if they used a CAR offer form. I would ask my next agent if they are a REALTOR.

Answer 3

This has been ordinary a sort of cases, regrettably your examine could have been deposited. In california the technique in many cases works like this; first you place up an furnish to the valuables you have an pastime in procuring alongside with a "replica "of the examine or form of charge. 2nd your furnish get regularly used, rejected, or countered. If the furnish receives regularly used then you definately will might desire to deposit the examine or form of charge to the identify business enterprise, on occasion your agent will take the examine and deposited in a have confidence account and then in turn supply to escrow. If the furnish is rejected, you're entitled to get your money returned top away, examine with the broking service and not the agent. In california you could examine with the dept of real assets, or the interior of sight association. examine with the broking service first, yet while your furnish have been given rejected there is not any reason that a examine had to be cashed.

Answer 4

You request that the funds be paid to you as soon as possible. In most states, brokers are required to deposit such checks into the holding account of the real estate brokerage firm within a specified time of receipt of such check.

If your offer did not 'go together', you are entitled to a full refund from the brokerage account.

Answer 5

it was in the offer
the realtor should have put in a "refund clause"
it is your money..
you have to phone and ask for it maybe sign some papers and wait a week
it is your money
yes..the deposit was part of the offer..(it is in the contract)
phone the company/broker and get your money..
you need to phone the broker /company to get your deposit back..........they will want a form signed..if they refuse..then you go to your local "real estate board office".......

Answer 6

Have you tried asking for your money back. Part of her job is to make sure that any offer made is real which includes cashing the check to be sure that it doesn't bounce. Does the agent know that you are not going to make a higher offer? You can't assume, you actually have to communicate and tell her what you have in mind.pp

Answer 7

1st ask her for your money back.
or if she does not return it.... place a stop payment on the check.

2nd if she does not give it to you than go to the State and file a complaint.

However why would you make out a check to Kathy X in the first place? You maybe make it out to a brokerage house but not to a person. I mean come on use your head, you make it too easy for someone to rip you off.

Answer 8

Contact the state, they issued the brokers license and can discipline them.