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Old 07-11-2018, 11:23 PM
 
1 posts, read 776 times
Reputation: 10

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I’m in Illinois. I’m a buyer and the realtor is a dual agent. Realtor lost my cashier check for earnest money. He is trying to get my bank to allow him to open an account and he will back up the funds $2500. Can the bank do this without my permission. Wouldn’t the bank have to know my name and account info? I’m considering backing out of deal. Will I have to let him back up that cashier check?
Would’ve the gets illegally cashed? What is my responsibility to the seller?
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Old 07-12-2018, 08:01 AM
 
28,455 posts, read 85,354,654 times
Reputation: 18728
It would be silly to "back out of the deal" -- there is no reason to do that, it would result in you not getting a house that presumably you like AND the seller not getting the place WHICH LIKELY WOULD RESULT in forfeiture of your earnest money...


Although I completely agree that the misplaced check does not make the agent look very professional the fact is sometimes checks do get lost. The agent is doing the right thing to put the funds into escrow in your name. It is completely normal to allow the agent to replace the funds, escrow accounts are a routine matter for any bank that has been involved in real estate deals (and pretty much every bank has been involved in deals unless they just opened ...).


Your responsibility to seller is to go forward with this deal. Maybe you should have a talk with the managing broker of the real estate that the agent is working for to be sure that every one is aware of how upset this made you.

Last edited by chet everett; 07-12-2018 at 09:29 AM..
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Old 07-12-2018, 08:51 AM
 
Location: Chicago
880 posts, read 531,607 times
Reputation: 1754
It sounds like you are just panicking and looking for an excuse to back out. Human errors happen and they can always (almost always) be fixed. Relax and let it play out. Is this minor blip worth you losing your future home and $2500?
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Old 07-12-2018, 08:54 AM
 
4,011 posts, read 4,250,428 times
Reputation: 3118
Let your realtor fix his/her mistake. That’s what you are paying them (twice) for.

Enjoy your new home!
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Old 07-15-2018, 12:06 PM
 
Location: All Over
4,003 posts, read 6,097,725 times
Reputation: 3162
While mistakes do happen, at the same time doesn't really instill a lot of faith into the realtor. Question to OP, why did you allow the agent to be a dual agent? I believe you had to sign off on a form stating you understand they are and are okay with it. Many people are of the belief or idea that an agent cannot give 100% effort and fairness to 2 parties and therefore dont like it. Are they giving you guys a break on the commission or something since they are making both sides?
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