What would happen to an agent who lost an earnest money check?

I was with Solid Source when they were only 150 agents years ago.
I would IMMEDIATELY call Michele Shoda or there head broker support for guidance on this.Call there emergency line this is not funny at all and is very serious.

Someone that knows what they are doing can erase the writing and cash the check.You should know not to take an earnest money check and put upon acceptance in the contract so that you don't have to take an earnest money check UNTIL you have an accepted contract.Then when you have the earnes tmoney check take it immediately to one of the solid source branches you ARE NOT allowed to hold the earnest money and deposit at your leisure.

Hopefully the buyers have a forgiving spirit.The GREC says the earnest money should be deposited at the latest within 24 hours depending on who is holding it solid source,credence title etc.

You need to go over policy and procedures again.Next time you have an EM check act like it's a million dollars written to you and do not let it out of your sight!

I have my own brokerage now and I am not with Solid Source anymore.Do not wait call now,the longer you wait the worse it's going to be.

Hopefully you won't get sanctioned by the GREC.

good luck

Yikes!!

Yowza!! Contact broker immediately and most likely they are going to tell you to contact the buyer immediately. Obviously, quadruple check to make sure it is really gone.

The options to this problem are many but I think I would tell the person that issued the check, offer to pay the charge for a "stop payment" on it and request a replacement check.

I disagree with super realtor about not taking earnest money until you have an accepted contract. In fact with REO properties most clients will not even consider the offer without a copy of the earnest money check. I will hold an earnest money check while a contract is being negotiated; if we don't reach an agreed contract the would be purchaser gets it back (and I get a receipt showing it was returned). If we do reach an agreed contract it gets deposited in my escrow account within one business day.

Contact your broker, contact your client. Offer to pay all fees to stop the check. Don't wait, don't delay.

At the very least you look like an idiot, but the sooner you fess up the better you look. You could come out looking like an agent who made a mistake, watching out for their clients needs, and minimizing damage.

What could happen comes down to how long you wait.

EM procedures and escrows vary by state.

What may be commonplace in one state is not in another.

Don't feel discouraged.Sometimes people give you paperwork late at night, etc. We all make mistakes especially since our schedule is so irregular. I did this once and had my buyer to stop payment on the check. I covered the stop payment fee. One thing I started doing if I received a check while out of the office I either keep it in a special compartment in my briefcase used only for checks. If the buyer catches when I don't have my briefcase with me then I put it with my driver's license.