Home Buying in Washington>Question Details

Daniel Dunri…, Home Buyer in 98408

How long does your agent have to get your P&S to escrow after the offer has been accepted by the seller? My

Asked by Daniel Dunrite, 98408 Tue Apr 22, 2008

agent held it for a week and escrow was opened for another offer. This is a short sale.

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Daniel

It depends on the terms of your offer that was accepted by the seller. It's a mistake to think that you do not have acceptance of an offer after the parties have reached an agreement when it's a short sale. The mutual acceptance date is the day the parties reached mutual agreement in writing (unless specified differently in the terms of the agreement). The agreement is conditional on the underlying lenders approval of the short sale proceeds but this lender is not the seller. Processing the buyer's side of the transaction should begin while the underlying lender is considering their approval. This is always an awkward situation for a buyer.
1 vote Thank Flag Link Tue Apr 22, 2008
Daniel...,

Don Dutton is totally right... once mutual acceptance has been reached most States require that Earnest Money be deposited fairly quick. In Washington State we open Escrow and deposit EM monies by the next business day after full mutual acceptance. The fact that this is a Short Sale and requires the Lien Holder or creditor to approve it is only a contingent part of the agreement between buyer and seller. There may be other contingent factors such as Inspection, Septic or Well inspections, Finance etc.... btw, Thanks for your personal email too.

Regards,
-Don Leske II / Broker
Web Reference: http://www.realhomes.us
0 votes Thank Flag Link Tue Apr 22, 2008
In Florida the agent has one business day to get the money to his/her broker. The broker must deposit it into an escrow account or with a title company with in three business days, no exceptions.
0 votes Thank Flag Link Tue Apr 22, 2008
It may depend on your state, but Indiana statute says money must be placed in escrow within 72 hours.
Web Reference: http://www.keyassoc.com
0 votes Thank Flag Link Tue Apr 22, 2008
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