Help with foreclosure/bank has some odd requests
hello, I was looking to purchase a condo here in Chicago & put an offer in and it was accepted. I heard back from my real estate agent this afternoon and I was not too thrilled at the news she gave me. She said I have to put up $1000 earnest money, simple enough - there are tenants living in the condo & according to my real estate agent if the tenant is not out at closing then the bank takes my earnest money and I am back to square one. Here is the way I am looking at things, this person living there can just not pay for rent and pretty much live rent free. The bank is telling me that there is nothing they can do but try to pay them to leave.
Does this sound right or is my real estate agent out of the loop? Regardless I had to have my offer signed and delivered today. How frustrating.
Help