Nope, expect that your earnest money check will be cashed promptly upon receipt. It should be held in escrow either by a broker or an attorney. It will move to the seller side at close, BUT it will be deposited (and cashed) into the escrow account to be help safely until close.
Be sure you have available funds to cover that check.
Unwavering Commitment to Service... more
The bank is either selling it as part of a bulk purchase to an investor, changing listing agents or it is going to auction. You can try contacting the previous agent to see if they know what is happening, or have an agent do that on your behalf if you don't know who that agent was.... more
Hi, do you mean Sheriff Sale Foreclosure or the end of redemtion period?
In Minnesota, owner occupied properties have a right of a 6 month redemtion period, which menas that the property still belongs to the owners.
If your offer was submmited before Sheriff Sale, listing agent should request to postpone the sheriff sale and wait until Short Sale approval is done.
Countrywide is a very slow Short Sale servicer.
If your offer was under redemtion period and nothing is approved by the end of the redemtion, then you are correct, property will go to foreclosure. Once it is a Bank Owned property / foreclosure, you re start the process all over. Sometimes, the listing agent could try to talk to REO management and let them know that there is a willin buyer but it is not very possible it will work.
Also, your financing, if any, could have issues if the property has been winterized.... more