Help with foreclosure/bank has some odd requests

[Thomas Campbell]

hello, I was looking to purchase a condo here in Chicago & put an offer in and it was accepted. I heard back from my real estate agent this afternoon and I was not too thrilled at the news she gave me. She said I have to put up $1000 earnest money, simple enough - there are tenants living in the condo & according to my real estate agent if the tenant is not out at closing then the bank takes my earnest money and I am back to square one. Here is the way I am looking at things, this person living there can just not pay for rent and pretty much live rent free. The bank is telling me that there is nothing they can do but try to pay them to leave.

Does this sound right or is my real estate agent out of the loop? Regardless I had to have my offer signed and delivered today. How frustrating.

Help

[Chris Martin]

Originally posted by @Thomas Campbell:

thank you Wayne. It's time to seek a new agent, if I lost this property I will be quite upset.

Are there any agents in the southwest burbs of Chicago? Only requirement YOU MUST UNDERSTAND FORECLOSURES

thanks again

Part of the problem is you are overloading terms. You are asking for the wrong specialty if the only requirement is the agent must understand foreclosures. This property is an REO. You need someone who can interface well with Bank Owned property. Regarding the earnest money, have you read through your contract? Does it say you will lose your earnest money based on 'tenant' occupancy on the day of closing? Usually contracts are unambiguous and rather detailed about the use of and release of earnest money.