Missing earnest money
I have a property under contract and got the accepted contract back on December 6th. On December 7th, I sent in my earnest money. Yesterday, December 18th, I got a call that since I haven't yet submitted my earnest money, the contract might be cancelled.
The asset manager for the property has been getting offers from investors on properties sight-unseen then not following through on delivering earnest money, and so that has given him a very low tolerance for investors. This is an example of some investors giving others a bad name.
Wait just a second! I have a receipt for the earnest money cashier's check and I sent a scanned copy of the actual check via email the day I sent it. But somehow, the actual check went missing and I was told that the listing agent didn't have it.
Yesterday night I went to the bank and they ran a trace on the cashier's check and saw that it was cashed. That's why they don't have it, it had already been deposited.
Today I received an email apologizing for the mix-up -- the listing agent did get the earnest money but supposedly a copy of it didn't wind up in the right hands.
Crisis averted!
Comments (3)
Yes, I saw a property I felt was worthwhile so I went for it.
Dawn Anastasi, about 11 years ago
You mentioned that you were going to lay low for a little while and not buy......got the itch and couldn't resist eh? Real estate investors anonymous exist?
Dale G., about 11 years ago
Don't you just love how bureaucracy can send you scrambling off-course simply because there is no neurological conduit between the left and right hands? I've had listing agents misplace our earnest money and one that took 6-months to return our cheque after we failed to secure a bank-owned property, but I've not been to the point of the seller threatening to cancel a contract. Good thing you were organised.
Roy N., about 11 years ago