Red,

Were you represented by a realtor? You did not indicate as to who cashed your check. That sounds fishy.

If you track many of the things that are happening currently in the property market you will find practices that are not the usual for Minnesota. This is just one example. Another is this idea of accepting a purchase agreement and then taking back-up offers for months - indeed, sometimes more than a year. The old principles of the "bundle of rights" and the idea that "time is of the essence" are among concepts that seem to be honored by those who have been in real estate a long time, adhere to not only license requirements and ethical principles, but the golden rule, treating each buyer and seller to the highest standards of service. It is very frustrating to be in this position, and yet have the burden of the lender's practices overshadow the services we wish to provide. Know that your realtor and the new lender who is working for you are trying their best. If your professionals know the systems of these bank-owners, they will certainly share with you. The problem is each "owner" has a system and it may be unique to that entity. It is very difficult to track or determine any consistency of practices from one financial entity to another. Where or when will it end? We do not know at this time. You may be sure, however, that your licensed real estate agent and your loan consultant adhere to the highest principles and will not depart from that, operating always to the best of their abilities and knowledge in your behalf. Liz, 612-986-4105

Sounds like you might be buying a bank owned property. Typically no that is not common. The law gives Realtors 3 days to get the earnest money the the listing broker AFTER the purchase agreement is signed. A lot of time with bank owned properties they want the check as soon as the bank gives their verbal acceptance, which I think is the case for you.

Hopefully your agent gave you a heads up that the check was going to be cashed and it didnt disrupt anything for you. Good luck.

Sounds like a bank owned property. It should not be deposited prior to the signature of a fully accepted Purchase Agreement. Can happen though with banks - still does not make it right.