Short Sale: Good Faith Deposit (accept, contract, counter offer, state)

[Samoi137]

Deposit held by buyer's real estate agent. Anyone had experience with how long it took to get back (and any problems), such as if we decide not to continue the process when our offer expires or if the lender doesn't accept our offer and we don't meet their counter offer? Our agent, not the lender, has the money (and it's in the account of the real estate office, not an individual). Of course, if things proceed well, getting back the deposit is not a concern. Thanks!

[2bindenver]

We cannot comment, because we have no idea what your contract says, where in the world you are, or under what circumstances you might request said money, etc.

[bbronston]

Assuming that everyone (buyer and seller) agrees that there is no default involved, and all the parties sign off, it should not take more than a day or two for the office to generate a check.

[Timeshare Partners]

No matter if the offer is rejected by the bank or if you decide not to continue with your offer beyond the current expiration date, you'll just need to get the seller's signature on an earnest money release. Some sellers are quick to sign off on this form. Others are not. I'm not sure if things work differently in your state, but this is how it works where I'm from, and I'm pretty sure it will be the same for you.