Q: We placed an offer on a short sale and were asked by the seller to deposit $4000 to show we were serious about the property. The sellers asked us to wait plast minute (after deposit was made) because they were considering a loan modification. Our deposit was wired and is in escrow and the seller has decided to continue with the short sale. We are concerned they may change their mind again and are also interested in placing offers on other short sales in the area. Our agent said initially we will be able to back out without losing our deposit. We have asked her to go ahead and cancel our offer but she said we may lose our deposit now. We are a bit confused so if anyone has experience with backing out of a short sale before it has been approved by the bank, your advice would greatly be appreciated!
?Marie, San Jose, CA
A: They cannot keep your deposit. With a short sale your agent should have had you complete a short sale addendum that allows you to wait to make your earnest money deposit until you have written approval from the bank?.Dawn. you can find me at DawnRivera4Homes.com
Dawn Rivera is a Realtor? with Realty World-Viking Realty in Fremont, CA.
A: Review your Short Sale Addendum and purchase contract with your agent (and their manager & attorney if needed) it should state time frames and cancellation options and deposits. If not, you may want to have your attorney review.
Teri Andrews Murch is a Realtor? with Lyon Real Estate in Auburn, CA.
A: The short sale approval by the lienholder(s) is just one of the contingencies of the purchase contract, as are inspections, loan, appraisal etc. Your contract specifies how many days you get before contingencies must be released. Until you release your contingencies IN WRITING, you can cancel the contract and get your deposit back, less possibly a cancellation fee by the escrow company. Your guiding document will be the offer and addenda you signed. It is not clear why the agent thinks you will loose the deposit. If the agent is a Realtor, suggest she call the CAR legal hotline for guidance or consult with her broker. Buyers backing out of short sales happen all the time. Your case should not be different.
Sylvia Jonathan is a Realtor? at Coldwell Banker Platinum Properties in Irvine, CA
A: They have to give you your money?.Nobody has been sued to purchase a property if they change their mind.
Tony Collings is a Realtor? with Charles Rutenburg Realty in Clearwater, FL.
A: As long as you don?t have approval and you haven?t released your contingencies, you can cancel and get your deposit back.
Beverley Hourlier is a Realtor? with Hilltop Chateau Realty in San Diego, CA.
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