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10/8/2009 11:27:58 PM
Your question should be answered after purchase contract & escrow instruction are reviewed. My answer is based on normal and customary practice in short sale process. I believe the purchase agreement has been agreed and executed subject to Seller's Lender's approval on short pay off.. If sale does not go through as agreed per purchase agreement, you are entitled to get refund of your deposit money from escrow. And it is normal practice that escrow will deduct escrow cancellation fee, any expenses occured during escrow like natural hazard disclosure report., messanger fee......etc from your deposit money. You paid for home inspection and loan application fee and those money will not be compensated by Seller or by Broker unless othwerwise agreeed in purchase contract. Short sale takes longer time than normal and regular sale and there is no time limit because the agreement is made subject to Lender's approval. The best way is to contact your Broker and get an advice.
