Home Buying in 98273>Question Details

mel, Home Buyer in 98273

Closing on a home but another "short-sale" home we put an offer on is still pending in MLS?

Asked by mel, 98273 Sun Nov 11, 2012

A couple of months ago I put an offer on a short-sale. The seller approved it but haven't heard back from the bank. I am really close to closing on another home but the first house is still pending on MLS? I've asked multiple times for the real estate agent to return our check for earnst money but she insists we are helping the sellers? I feel very uncomfortable with this and am not versed in real estate ethics. Is this something I need to continue to harp or just let it go and hope my EM check doesn't get cashed?

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Have you given the seller and their agent the Form 90SS saying you are not buying the home or interested in going further in the transaction?
Are you being represented by the same broker as the seller or a different broker? If you are represented by a different broker, you should have no issues and they can prepare this document and get it to the sellers broker. If you are represented by the broker that is representing the sellers and they are not doing what you ask, contact the designated broker in their office and explain the situation.
It depends on how you structured the offer but your earnest money wouldn't necessarily have been deposited at escrow or the brokers account but it could have been. Was your check cashed?
If so, by who cashed it?
If I can help in any way, please do not hesitate to contact me.
0 votes Thank Flag Link Sun Nov 11, 2012
thank you for the response. I think the problem is that the real estate agent that is helping us is also the selling agent on the short sale home. I think this creates a conflict of interest and complicates the issue
1 vote Thank Flag Link Sun Nov 11, 2012
THanks, will do.
Flag Sun Nov 11, 2012
I would talk to the agent again and advise them that if they don't give you in form 90SS that you can sign and then instruct her to give to the seller, that you will go to her designated broker. If you do not get satisfaction with the designated broker, let me know and I can give you the names of several good local real estate attorneys.
Flag Sun Nov 11, 2012
I think that you are correct, Mel, that it does complicate matters having the selling agent also representing you. Do perhaps consider hiring an attorney if the agent is not willing to cancel your offer. Good luck!
Flag Sun Nov 11, 2012
Notify the real estate agent in writing that you are no longer interested in the first property and request the return of your earnest money. You can back out of the short sale anytime you want. Make sure it is in writing and if you feel that you need to, send it registered mail. Be sure to submit a Form90SS along with your request. I can help if you need assistance.
0 votes Thank Flag Link Mon Nov 19, 2012
Hello Mel,
I suggest that you or your agent formally withdraw your offer on the short sale property. It needs to be in writing. If the bank has not approved the offer then you should be entitled to getting your deposit back if that is what was written in the purchase agreement. If the seller refuses then you may wish to consider getting a real estate attorney involved as it's a legal matter.

Good luck to you!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Sun Nov 11, 2012
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