Just so this question doesn't sit out there with answers that violate licensing law for anybody reading through these looking to resolve their own questions, I would like to answer this, despite the age of the question.
First, license law requires that when a Realtor collects a check from a client, that check is to be deposited immediately into the broker's non-interest bearing account. Realtors are NOT permitted to "hold" checks. That is why we use Promissory Notes. If your Realtor does not intend to collect the money yet, he or she will have the client sign a Promissory Note, which is a promise to pay at a future date and describe in the offer the conditions that must be met before the note is collected.
Second, if the seller has signed the offer, regardless of whether the bank has approved it yet, you are under contract with that seller. The property is in "Contingent" status, which means that you have a contract that is contingent upon certain conditions being met, whether that would be bank approval, a satisfactory home inspection, and/or loan approval.
Your contract states that all parties will, in good faith, make every effort to cause all of the conditions to be met to complete the transaction. If you withdraw from the contract without good cause, good cause being that the bank declined the offer, the home inspection failed or the lender declined you for financing, and a good faith deposit had already been collected from you, you do stand the risk of losing your deposit to the seller.
The seller must agree to release you from your contract with them and must agree to return that deposit to you. The seller may release you but make a claim for the earnest money, in which case, you may have to arbitrate to have it determined who will receive that money. If your agent has collected money from you and has not deposited it to the broker's holding account, and the seller declines to return your earnest money deposit, he or she can not only be on the line for that money but has also created a situation that puts his or her license in jeopardy.
I hope this clears up any questions and corrects any misinformation that was stated previously.... more
Ljkminski, Per this link they are http://www.trulia.com/property/1069091282-9701-Sunrise-Blvd-L-26-North-Royalton-OH-44133 $248.00. I would suggest that you contact a Realtor to verify exactly what is included/covered. I wish you success in the search for a home. If you need to find a realtor, you can give me a phone call and I can likely make a referral to you.... more
With all new clients, it is important to discuss motivation and expectations. It is also important to realize that a clients motivation can Change unexpectedly. Keep an open dialog with your agent so that he or she knows what your expectations are. I always try to be crystal clear with what my clients expect in the way service and communication.... more
Most likely, foreclosed homes are SOLD as IS. There are no room for negotiation. However, there are instances when banks will consider repairs or replacement and it is a case-by-case basis. The bottomline for the resiliency is determining if agreeing to repair request makes more economic sense than putting it back on the market.
There could be multiple parties involved in the decision making in foreclosed homes. But don't let this faze you. Nowadays, banks act quicker than what they used to be. Moreover, the bank's sales addendum supersedes the actual Real Estate Purchase Contract. So make sure you understand the fine print.
In a normal or traditional sale, you are dealing with the sellers--which, to many, makes it less complicated and simpler.
If you are working with a competent realtor, you will be guided throughout the process.
That is why it is important that you interview local realtors and take it from there.