Profile picture for user6136233

not allowed 2nd extension, can i get my emd back?

Shorsale purchase, loan approved. sellers agent bank will not allow 2nd extension. and i still have to wait for the City to approve my application for thew shorsale bmr home. am i entitled for emd?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 27 2013 - US
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (4)

Really, the best place to start with your agent and the contract to see how it was written.  All my contracts have plenty of ways to get your earnest money back, especially with short sales. 

Usually, when the bank does not want to pay, it's because they are ready to foreclose.  Short sales are a serious pain, but the bank does not make the decision on the earnest money, the seller does...  So it's time to put your buyer's agent to work and have them try their best to get your earnest money back.

Now, I don't have enough details to help you really get all the way through the answer here...  but if the delay in closing your loan was based on the seller's bank dragging their feet, than the only reason you were not able to perform on your contract was not your fault, but theirs, and therefore a great argument can be made as to why you deserve your money back if the seller is unable to sell to you. 

If the fault is on your end...  you didn't get your docs into your lender fast enough, or your lender did not preform as they should have..  it's going to be a bit harder but not impossible. 

Short sales are usually a real pain, and if you are not 100% ready to rock before you put the initial offer in.. it just gets worse and worse... 

But, get with your buyers agent and go over your options... and I hope all works out well!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 27 2013
Ask your agent! Having the contract in front of you/agent will be much clearer!! As long as you had "safeguards" in place....contingencies then you stand a chance!!?? Or ask a attorney......Good Luck!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 27 2013
Profile picture for wetdawgs
Without seeing your contract, no one can comment with certainty

However, if you have not met the agreed upon deadlines (e.g. application with city),  then you may not be eligible for your EMD back.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 27 2013
No one can really answer this without seeing your contract.  Do you have some kind of contingency that permits that?

You should discuss it with your real estate attorney, if you have one.

--
This is not legal advice and is not intended to create an attorney-client relationship.  The post is only an opinion.  You should speak to an attorney for further information.  The poster is licensed only in CT & NY.    If this post is useful to you, please remember to upvote it.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 27 2013
 
Related Questions
who do i contact to see a property
Profile picture for John Reeves
Latest answer by John Reeves
4 hours ago | 1 answers
Investing in Detroit Real Estate
Profile picture for basketballjoe2001us
Latest answer by basketballjoe2001us
7 hours ago | 8 answers
Can I contact the REO department of the bank I sent my offer to?
Profile picture for J.D. "Dan" & Carol Weisenburger
Latest answer by J.D. "Dan" & Carol Weisenburger
8 hours ago | 2 answers
What's involved in buying a foreclosure?
Profile picture for J.D. "Dan" & Carol Weisenburger
Latest answer by J.D. "Dan" & Carol Weisenburger
8 hours ago | 4 answers
what do i need to buy a house??
Profile picture for Mike Opyd
Latest answer by Mike Opyd
9 hours ago | 4 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.