Legal Question in Real Estate Law in Illinois

I agreed to buy a home that had been bank approved for a short sale at the price listed. Because of this I was assured (written in the contract) the closing would be in exactly 1 month,however the contract also gave the bank 90 days. Eighty days went by and I was informed the sellers bank sold the loan to a different company. On day 91, I asked what was happening and in the process of replying it was no longer a short sale, the sellers agent sent correspondence between herself and the sellers bank which made it plain that she knew 2 months ago the sale would not close. Meanwhile she held unto my $2000 earnest money. Isn�t this fraud? Am I entitled to interest on my earnest money?


Asked on 1/16/15, 8:21 pm

1 Answer from Attorneys
Henry Repay Law Offices of Henry Repay

Based on your statement, I do not see any reason that you should not receive a refund of your earnest money. Aside from that, I do not see that there is much value to be gained in trying to pursue a claim against the seller or the bank, unless one of the consumer protection firms would find a basis to pursue something against the bank (although that may be a claim, if any, between the bank and its borrower, not you).

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Answered on 1/17/15, 10:40 am


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