I received news from an Illinois broker that my offer on a REO was declined after 4 weeks. I requested they mail me my earnest deposit back and they stated they cashed it and the broker deposited the check already into the broker's escrow account. They stated I need to complete a form to get my earnest money back.
Can the broker legally cash an earnest money deposit before they have an accpeted offer? Anyone that would know the Illinois law on this issue, can you please reply? Thanks. Believe and Achieve! - Joe
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Joe Jurek CPA