Asked by Jane Seymour, Tempe, AZ • Fri Apr 16, 2010
Just found out I've moved from second to first in line for a short sale bid. The realtor asked for an earnest money check, among other things, to move things along. I asked why the first deal fell through and she said she wasn't sure but the bidders went through inspection and found termites on a shed out back which is connected to the house. However, she did not know why the deal fell through and she also said it is not atypical for homes in AZ to have termites.
Should she have talked to the listing agent to find out why and what else turned up in the inspection before asking for the earnest money or am I obligated regardless to send it beforehand? Few questions - If I proceed, should I have a second inspection done? And what happens to the earnest money during a short sale? For example, did the first bidders forfeit theirs when they walked after inspection? And are listing agents required to dislose information regarding the inspection or is this just a courtesy? Th
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