In the event you are one of the many who did not think the the real estate market could get any worse for sellers, I regret to inform you, it just has. In a recent published opinion, California’s Fourth Circuit Court of Appeals has created yet another obstacle that home seller’s throughout the state will now need to deal with. Based on the Court’s ruling, it is now the law that “non-refundable” funds released to the seller in the course of an escrow must, in most instances, be returned to the buyer when the sale fails to close. More troubling that the rule itself is the fact that the recent change is something your real estate broker is likely not aware of.
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