Sharon, since you are not supposed to earn money from a short sale transaction (it usually states this in the short sale approval) .. . The bank is the one that should be owed the deposit, however, keeping a buyer's earnest deposit can be tricky....they must agree to cancel escrow and forfeit their deposit... If they will not sign this cancelation then you can run into problems.... It may be best to move on to a new buyer if the bank is not asking for their money... so far I have not had a bank request the buyers deposit...but it could happen....
Have your realtor ask your escrow officer what to do... Or on a brighter note, is the investor/buyer almost ready? Perhaps the bank will give another extension...sometimes they will do this especially if the buyer is willing to pay a per dium fee for their tardyness....(money for each day they are late closing usually about $100 a day)... Make sure that if you go this route that the buyer is ready to perform and that he/she understands the timeline.
Also, if this does not work out and you move on to another buyer make sure your agent checks the buyers bank statements for funds to close and/or approval letter from a direct lender... In a short sale a buyer must be educated on the process. Make sure your agent lets the buyer agent know how the process works and that they and their buyer understand completely. Comunication is key to a succesful short sale. good luck!... more
oh wow I dont know. That sounds really shady. Im assuming she already had it listed with the bank. If it goes to trustee sale and you buy it there, there is no commission. The bank prolly just bought it back and she is re listing the property. I dont see how you can claim damages since trustee sales are listed in public papers and the court house.
Im not sure of her fiduciary responsibilities to you either. Clearly she was protecting herself and not acting in the best of her client. But that would be their lawsuit not yours. If you really wanted to know about the trustee sale why didnt you just do what the rest of the people on the world would do and call the courthouse. If the bank bought it back just call the bank and make an offer. Up to the bank if they pay her or not. The court will show who bought it. Call them directly. You are acting like something bad happend to you. And it did, the agent is slime. But what are your damages? You dont have any. Call whoever bought it most likely the bank, the court will tell you and how much they paid. And make an offer. You should have been at the trustee sale and the only person you can blame at that is staring at you in the mirror.