Some forums can only be seen by registered members. I was under contract to buy a MLS house in Morton Grove, IL but the deal fell through because bank was taking forever to approve the deal.

We waited almost 3 months to hear back from the bank but at the end we cancelled the contract within time period. I signed the cancellation letter and send it to seller's agent thru my agent. But the sellers agent and sellers of the house still has not signed for the release of my earnest money.

How do I get it back? Do I take him to small claims court? Any advise s will be appreciated.

What your buyer can do to get her earnest money back after termination | Advice for Texas REALTORS® | Texas Association of REALTORS

The standard Illinois real estate contracts allow the seller to attempt to secure financing through lenders of their choosing generally at a "not to exceed" type rate that is also gnerally specified in the contract. Generally a time frame for such financing is up to the seller, but should be specified inn the contract too. Do you have either if these sections filled out in your contract?

You don't need to go to court -- your agent should have already contacted the listing agent and arranged for the earnest money to be returned.

It should not be in the possession of the seller. It should be in an escrow account. The listing agent's broker can have sanctions against them if the earnest money is not properly accounted for I'd be embarrassed to ask for my earnest money back after stringing the seller along for 3 months.

What's the point of earnest money anyway if you can't keep it as compensation for missing a quarter of a year's worth of opportunity to meet potential buyers their actually had their finances in order? WE don't know the terms of the contract, or the bank policy regarding loans. We don't know how far the bank is backed up regarding loan processing. It was also started during vacation time. We do not know what type of laan it is.

Governent loans are notiously slow to close whether it is VA, Rural or Fanny. And unless you are in the mortgage business in Chicago, we don't know the new banking laws or when they did or will take effect.

There is too much we don't know to make wild accusations. BTW, where were the realtors all this time?

Home Buying: How to get my Earnest Money Back? - Trulia Voices

They knew what was going on and if they didn't they shouldn't be selling real estate. You can bet one or how to get earnest money back from realtor know the Loan Officer that generated the mess and was doing the "strining along" In most states the buyer and seller have no contact after the contract is signed until Closing.

Been there and done that for years. What chet said in post number two. If the bank did not approve your financing, without conditions, by the date set on your contract, you are within your legal rights to cancel the contract based on not meeting the contingecies of the contract. It sounds like the seller might be trying to hold on here and not lose their buyer, if they believe the 'bank' might come through.

In which case they should have requested or offered a written extension of the financing contingency, which you may or may not agree to.

Your realtor should be requesting the earnest money be returned and the cancellation of contract signed by the seller, sellers agent and sellers broker. If your agent is not cooperating contact the agents broker. If you have an RE attorney on your contract you may wish to enlist their assistance too.

As a former licensed IL RE agent, I would never recommend a buyer or seller enter a contract without a RE attorney. They don't cost much, and are well worth the expense. Generally speaking -- as a buyer and seller and not as an agent -- my saless were contingent upon nse stock option trading tips buyer being able to secure financing.

I was immediatly notified if they could not and the house went back on the market. In this case the indias forex reserves may 2016 who accespted the matlab function optional arguments money is playing fast and lose with federal and state law.

I know knowing about Chicago real estate but I know plenty about the games realtors play. If there has been no answer from the bank in 90 days and no escrow returned something is fishy.

Can I get my earnest money back?

This couple needs ti talk to the bank manager and a lawyer ASAP! Originally Posted by linicx.

A buyer or seller can always file a complaint with the local real estate board their RE company is associated with. Most brokers and agents would really prefer not to have problems or complaints filed with the board, so this might be the best avenue for the OP if their agent or agents broker can not resolve the issue. I have some dealings with boards.

What Are The 3 Ways Buyers Can Lose Their Earnest Money Deposit?

They are useless in resolving complaints as only realtors are the arbitrators. No RE Board has standing in any court in America. There are no hard and fast rulse concerning realtors conduct; it is arbitrary. Some boards are more serious about complaints and fiduciary responsibility than others.

Buyers and sellers serious about complaints go to the state level and complain to the board that is responsible for licensure. Bank presidents cower at the threat of a bank audit.

A bank auditor can close a bank without warning. A local board may not be succesful in resolving this issue for the OP, if it is still unresolved. And the state licensing board is a good idea as well. My thoughts were along the lines of hoping the mention of going to the board might light a fire under the realtor and brokers behind to get the final details taken care of to cancel the contract and return the earnest money.

Hopefully the OP will come back and let us know if the issue has been resolved or not. Please register to post and access all features of our very popular forum. It is free and quick.

Additional giveaways are planned. Detailed information about all U. Posting Quick Reply - Please Wait. User-defined colors Preset color patterns.

Border Min value Max value Selected area Search result State border. Based on data. Similar Threads HELP with earnest money - has this happened to you? Our buyers backed our and we are told we wont get earnest money! View detailed profiles of: All times are GMT How can I get my Earnest money back from Seller Chicago: View detailed profile Advanced or search site with. Page 1 of 2. Not where you ever lived 11, posts, read 22, times Reputation: