Who gets my deposit and why in a pre foreclosure?
Question:
(2)Will goto foreclosure auction in 2 months.
(3)Property is listed with an agent
(4)I submit an offer directly to that agent making her a dual agent.
(5)Gives the agent a $5,000 check deposit.
(6)After seller accepts the deal...
(7)real estate agent has to goto the bank and see if it'll accept too
(8)if after 17 days after seller accepts, & bank says no.
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??who gets my $5,000 deposit?? & why?
Answer:
Your deposit goes into an escrow account while the deal is in limbo. If you back out of the deal, you default the deposit to the seller. If the deal is nixed by the bank or something else stops the deal that is not your fault, you get your deposit back.
The deposit money stays in escrow with the real estate brokerage. Advice....get your own buyers agent so there is not a dual agency. Buyers agents do not come at extra charge to the seller.
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