Question Details

Riskadverse, Home Buyer in Los Angeles, CA

Cancelling an offer before making earnest money deposit

Asked by Riskadverse, Los Angeles, CA Mon Sep 26, 2011

Before making EMD, I signed cancellation papers. Seller will not sign. Listing agent assures me that I am no longer obligated. Should I have any worries? Thank you.

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Answers

4
Thank you all for your answers and help. I appreciate it!
1 vote Thank Flag Link Mon Sep 26, 2011
Riskadverse,

So, you did not submit earnest money with the offer. The offer is not
enforceable without consideration. Don't sweat it.

I think you'd feel better served and less worried if you were working with
your own agent who had produced a cma of any property in which you
are interested .... after having shown you all the properties that match
your criteria and talked over the plusses and minuses. Remember,
your own agent will get to know you and won't charge you for his/her
services.

Good Luck,

Marita Topmiller
1 vote Thank Flag Link Mon Sep 26, 2011
Did you have a ratified contract? Typically you give the earnest money at the time of making the offer, but it isn't deposited into an account until ratification? Did this not happen? I agree with Seth, if you used a realtor and they say you're no longer obligated, I wouldn't worry. Let them handle it! Disbursement of earnest money can sometime take a week or two, so just be patient! Good Luck!
1 vote Thank Flag Link Mon Sep 26, 2011
There are tons of reasons for you to walk on a contract during the first several business days. If you used a realtor, they are definitely in the contract. And the contract will simply say something along the lines of "written notice given...." before such and such date.

Naturally, you need to run everything by your lawyer. But my advice is don't sweat. The seller is an idiot. A real idiot. They have no earnest money so you have nothing to lose.

Go get a beer and relax.
1 vote Thank Flag Link Mon Sep 26, 2011
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