Short sale house back on the market by I gave earnest money. Shouldn't they contact me first?

I was waiting for bank approving the short sale to buy the house. I gave my earnest money on March 26th and suddenly today June 24th the house is back on the market as a new listing day 1!!! My Realtor didn't answer my calls as usual. How could this happen? Is it common this in short sales? I have been working with three Realtors by now and it seems they all do everything except giving guidance and caring about their Clients. Can someone give me advice on what to do now? Thank you!
  • June 24 2014 - Chicago
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Answers (8)

It sounds like the bank came back to you with a higher price and none responded so they relisted it. Your agent should have been in touch about this as the listing side should have contacted them. Id find a new agent who you can trust and resubmit the offer t the price the bank approved it at and have the new agent explain the situation.
  • July 15 2014
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Profile picture for bumkeun
1. Get a new Realtor.
2. Talk to your real estate attorney who you hired and have him/her get you your earnest money back!

Whoever you chose as your Realtor should be in contact with the listing agent and the listing agent and sellers attorney will generally do all the leg work in getting the short sale approved. What may have happened is that the listing agent tried to get a hold of your Realtor and he/she never responded in a timely manner so they just threw it back up on the market.

A lot of part time Realtors give us a bad rep.
  • July 14 2014
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Short Sales are difficult for everyone involved and excellent communication between all parties is a MUST for a successful deal. Both your Realtor and your Attorney have fiduciary responsibilities to act in your best interests.  If you're not getting a response from your Realtor you definitely want to contact their managing broker - that person needs to know that one of his or her agents isn't doing their job right (on several levels) and needs to get involved to help resolve the situation. Call the main number for the real estate office that the Realtor works out of and ask to speak to the managing broker. Your attorney is equally obligated - you don't say if the attorney is responding or not, but he or she should be able to provide the details about the status of your contract (cancelled by seller?) and return of your earnest money. Don't give up - there are good Realtors here in Chicago - a Zillow Premiere Agent is a good place to start!
  • June 28 2014
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If you were under contract and waiting for the bank to approve the contract then you need to contact your attorney to see what happened. Odd that your agent does not communicate, but you can contact the Managing Broker for the office your agent is from and ask what the problem is.
  • June 25 2014
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Dear zuser

I do understand how you can feel in this situation, which under this impression, not great.  It sounds like the deal may have not been approved.  Your agent should have been in contact with you in regards to the status and subsequent duties he/she should have provided.  However, I have seen in situations where banks do keep your offer but continue to look for back up offers.  This is so that they can weigh one against the other. 

You should be able to have your earnest money returned to you and your agent should be the one to insure this happens.  If you still can't speak to the agent by now, go to the firm and speak with their Broker In Charge about your situation.  You deserve answers. If you do have an attorney on retainer, use him or her. Document everything.  
  • June 25 2014
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Profile picture for Matt Laricy
This seems odd. No one called. No one told you that the bank wanted a higher price? I am assuming what happened here was the bank came back and said they wanted more money. When they didnt get word that they would get the more money, they most likely put it back up at a higher price. This happens a lot. I would have your attorney call up the agent and get the earnest money asap. They have to give it back. If not one person on your team (attorney, realtor, etc) is calling you back and no one got a hold of you, then I would say fire all parties. 
  • June 25 2014
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Hello,

Earnest money is a serious matter that should be properly handled by your Realtor and attorney. If your deal was canceled then property notification should have been sent to both of them. Here are the steps you should take: 

1) Call your agent and their "Broker Owner", confirm that your deal has been canceled and document your     request for earnest money release via email or formal letter. Everyone has to act ethically including     your Realtor & his or her Broker Owner so feel free to call them and stress your concern. 

 2) Contact your attorney and have him or her write a formal letter that request earnest money be returned    immediately. This letter should be sent to everyone involved in the transaction. 

If you do not receive an answer from these attempts then your last resort should be the Realtor Board of Ethics. You will need proof that you have attempted to contact your Realtor with no positive response which is why documenting your conversations is important. I am truly sorry to hear that you have had issues with not one but three Realtors. I will be more than happy to help change your views about our industry and profession. Please feel free to contact me if you have further questions. 
  • June 25 2014
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You should demand your EM back in writing asap. Keep seeking the right realtor for you...he/she is out there!
  • June 24 2014
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