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Buyer signed contract but never deposited escrow

First, yes, I will be asking a lawyer. I am asking here to see if something similar happened to anyone else.

We are selling our house. A buyer came to our realtor with an all cash offer. Full price, no inspection, no appraisal. The only caveat was that he wanted us to close in 10 days. He offered 20% of the sale price as escrow. We are supposed to close on Monday.

We agreed and the buyer, his wife, my wife, and I signed the contract. Days pass and he has not paid in escrow. Yesterday, he agreed to wire the entire amount since we are closing on Monday. Today, he stated he has wired the money to the title company, but from what they have seen, they have not received it yet.

He is currently in breech of contract for not depositing the escrow funds in a timely manner. If he doesn't have the purchase funds to the title company by Monday, he is definitely in breech of contract.

Am I entitled to the escrow (that he agreed to but never submitted)? I am assuming I will have to sue him to try and get it. Has anyone else ever had to deal with a situation like this?

submitted by /u/GearDaddy
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1d5fzz1/buyer_signed_contract_but_never_deposited_escrow/
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