Coldwell Banker Real Estate LLC. stole my escrow deposit, lied to FREC, real estate contract fraud Tampa Florida

I am a first time home buyer and signed an “As Is” Residential Contract for Sale and Purchase issued by Coldwell Banker.  Paragraph 12a in the contract states “If Buyer determines, in Buyer’s sole discretion, that the Property is not acceptable to Buyer, Buyer may terminate this Contract by delivering written notice of such election to Seller prior to expiration of Inspection Period.  If Buyer timely terminates this Contract, the Deposit paid shall be returned to Buyer”.

The seller signed and dated the contract on February 6, 2014.  On February 20, 2014 (prior to the expiration of the inspection period) I sent a written cancellation notice along with the Earnest Money Release and Cancellation of Contract to both the selling agent (Gloria L.) and the Coldwell Banker office that claimed to have kept my $1,000 escrow deposit.  There was no damage or restoration I was responsible for, since my home inspector was not a licensed contractor and not authorized to repair or diagnose any of the problems he found, and he did not damage the property.  I have complied per the contract, yet Coldwell Banker still refused to return my deposit.

Prior to my cancellation request I was not happy with the selling agent (Gloria L.)’s level of service and informed her manager (Darlene C.).  I was having difficulty getting my questions answered about what the HOA covers, and I wasn’t able to find answers in the HOA covenant.  I had spent nearly the entire 2 weeks of the inspection period trying to figure out what is covered and who to contact.  I asked Gloria for assistance and didn’t get any until two days before the end of the inspection period.   When Gloria found out about my complaints, she sent me an email saying she was bothered and surprised about this.  I am a first time homebuyer and thought the selling agent was supposed to be working in my best interests, but I felt she was working towards the seller’s best interests.  The listing agent (Wayne G.) and selling agent both work for Coldwell Banker.  Prior to my cancellation request, Wayne G. threatened to have the seller file a dispute if I decided to cancel.  I can understand losing out on a sale is very upsetting to deal with but it is unfair to act out of spite by holding up the process of refunding my escrow when I have complied per the terms of the contract.  On top of all this, they have my credit report on file and I feel they are using this to their advantage.  Meanwhile, the realtor has considered the contract cancelled although the seller did not sign the cancellation request, and Wayne G. re-listed the home and it has sold.

On June 10, I received an email from Coldwell Banker stating that the Florida Real Estate Commission has decided my deposit will be returned to the seller, and that I "defaulted pursuant to paragraph 15", which is a lie.  I contacted the FREC and asked if my written cancellation during the home inspection period was mentioned in the escrow disbursement order Darlene C. sent them.  The FREC sent me a copy of the escrow disbursement order and said they could not comment further.  I read the escrow disbursement order and was appalled to see there was nothing that mentioned I had problems with the home inspection and cancelled during the home inspection period.  It is apparent Coldwell Banker filed their disbursement request in a way that would put the case against my favor.  I am now in the process of organizing a lawsuit, which is something I've never had to do up until now.

My advice to all homebuyers: do NOT use any real estate agent unless they can prove they are an exclusive buyer's agent.  The agents I have worked with at Coldwell Banker lied and told me they were buyer's agents, only representing me and my best interests, when they were actually representing the seller's best interests.  I am now working with an exclusive buyer's agent who is wonderful and has been supportive of me throughout this whole ordeal.  He has been very honest, unafraid to answer any of my questions, and has helped me avoid purchases that I would have regretted.  I wish I known about exclusive buyers agents and could have avoided this entire nightmare.  There are only about 50 exclusive buyer's agents in the entire state of Florida, and the only way to get one to contact you is through their association website http://naeba.org/

I hope anyone who is a first time homebuyer, or even experienced homebuyers will find this review and avoid this horrible experience I endured with Coldwell Banker Residential.