West Hempste…, Home Buyer in West Hempstead, NY

Listing agent is asking me $500 check to submit the short offer to bank? why is that and is it refundable?

Asked by West Hempstead Home Buyer, West Hempstead, NY Fri Nov 12, 2010

Listing agent is asking me $500 check to submit the short offer to bank? why is that and is it refundable?

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I mean after the contract I have to give $500 to the bank to show I am serious according to the agent. If the short sale procedure take too long, can I void the contract and get my $500 back?
0 votes Comment Flag Fri Nov 12, 2010
If I were representing the short sale, I would be asking you to go completely into contract before submitting to the bank.
Web Reference: http://GailGladstone.com
0 votes Comment Flag Fri Nov 12, 2010
You need to ask your attorney the question, unfortunately Realtor's Code of Ethics prohibit one from advising clients who are already represented and involved in a transaction--refer the question to the agent--but again, your attorney can best advise.
0 votes Comment Flag Fri Nov 12, 2010
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