Legal Question in Real Estate Law in Illinois
I (the buyer) made an accepted offer for a short sale in Illinois. 4 months have passed but recently I noticed the grass was high so I stopped to check the doors. They were all kicked in and after inspecting the interior I noticed that the copper plumbing was stolen. When I notified the sellers atty she said I am not to work on the premises but she will notify the sellers and ask them to secure doors and cut grass. 3 weeks later nothing. Now there is taller grass and further damage. Atty said tuff. take it or leave it. There still is no closing date set. Can I get compensated for damage? Or How do i get my earnest money back? Joe...
2 Answers from Attorneys
You need to have your attorney review your contract. Generally, the terms governing short sale will allow you to back out after a set period and receive a refund of your earnest money if the short sale approval does not come through. There should also be a provision in the contract governing the condition of the property. Speak with your closing attorney rather than posting here. I imagine you will conclude it is time to move on to a new transaction.
I agree with Mr. Repay. And if you don't have an attorney yet, it's time to get one. Everything you say points to the fact that the seller's lender hasn't approved the short sale and even if it does this will be a headache: the lender will approve the contract price but NOT an offset for damaged condition, and it sounds as though the sellers aren't going to dump money into the place since they are under water or come to closing to cover replacements for the same reason.
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