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Michael Newhouse: Recovering Damages Through Escrow

Most developers have been there a few times.  You found a great property, it’s well priced, and perfect for your newest development; be it a flip or an income property. You’ve deposited your earnest money, you’ve cleared all contingencies, you’ve begun work with your architect, engineer and subs, and closing is imminent.  But … the seller has begun acting erratically, alternating between refusing to close escrow and stating they would complete the transaction.  Maybe they are even trying to get more money out of you, thinking that they sold too cheap.  You, or your broker, have explained, and threatened, the…