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agent in Illinois won't return my earnest money, what to do??
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How can I get my Earnest money back from Seller (Chicago: sales, real estate) - Illinois (IL) - City-Data Forum
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Our contract on a house was canceled during the inspection contingency period. Both sellers and I signed the paperwork to return our deposit to us.Contract Tip - Release of Earnest Money Upon Termination of a Contract
That was last Tuesday. We still haven't received our deposit back. Should I be concerned? Or does it normally take a while to get the check in the mail? For what it's worth the deposit was actually cashed and put into an escrow account.
I'm wondering if I should bug the broker or just wait. I don't need the money right this second, so waiting isn't a big deal. Problem Select one Offensive content Irrelevant content Spam pure self-promotion Other.
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Share post on Facebook. Best Answer Selected Once you select this as the best answer, it cannot be changed. Dave and Sara Skokan, "The Skokan Team" Agent 7 reviews. If the agent representing you doesn't have an answer from the Title Company as to how long it will take, then ask for the contact information of the Title Co and call the escrow officer yourself. They could be protecting themselves from scams but it return of earnest money deposit illinois be dependent on how you paid; if it was a cashier's check or wire transfer then there shouldn't be a holding period but if it's a personal check then the wait will be based on your bank's holding period since most banks don't release funds for large checks for quite a few days.
In my experience with returning good faith funds, the check was in the mail from the escrow company to the buyer within one week and I was involved in making sure my clients got their money back.
It can vary, both parties must agree and sign off on it. Anita Garza, "Anita Garza" Agent 6 reviews. Jayne Vaughan, "CallTheSisters" Premier Agent 76 reviews.
There are Brokers in my area who will not return escrow until 30 days after the check has cleared. Speak with your agent and have them inquire as to the status of your deposit.
Home Buying: Earnest money return - Trulia Voices
Don't be surprised if it takes several weeks. Please ask your agent.
Tim Moore, "Outer Banks N C" Agent 6 reviews. Since the seller and buyer both signed the release it should be soon depending how long ago the check was deposited.
There is a RE scam that goes like this: Buyer makes offer and writes big earnest money check and gives to his agent to deposit. Once deposited the buyer changes his mind and demands his check back so agent writes refund check from agents escrow account. Buyer deposits check and is never seen again, the original earnest money check given to the agent has not yet cleared and bounces leaving the agent out the money he refunded.
So the agent holding the earnest money will wait until the check clears before refunding the earnest money. If they deposited it more than days ago you should call them and ask. Related Questions what is space rent on manufactured homes? In Buying Process May 10 In Buying Process April In Buying Process November 10 In Buying Process March Related Articles Inspections During Escrow In Buying Process September 21 In Buying Process September 21 In Buying Process June 03 Be A Good Neighbor Zillow Advice depends on each member to keep it a safe, fun, and positive place.
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Home Buying: Is it required by Illinois law that earnest money be deposited in a 24 to 48 hr time peorid? - Trulia Voices
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