Home Buying in Scottsdale>Question Details

Scout, Home Buyer in Overland Park, KS

How does a BUYER Walk away from a short sale!?

Asked by Scout, Overland Park, KS Sat Jan 9, 2010

I need to know what kind of letter or notice is needed for a BUYER to notify the seller and lender that they are walking away from the short sale. Do we need to have the contract revoked. And how do we get our Escrow money back? Does that take some kind of form?

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Answers

5
You put one foot in front of the other...

The question is incomplete. The reply is vastly different if you had the contract accepted or not.
0 votes Thank Flag Link Tue Mar 2, 2010
Hi Scout

I think that the others have answered this pretty well and there's no need for me to repeat what they said. I do hope that for whatever reason you wish to cancel that you may find another home to buy and then make sure that you have both a buyer's agent experienced in short sales as well as an attorney (not as expensive as you might think) to review your contract BEFORE you sign it and help with issues such as this along the way.

Best wishes in finding your new home! Let me know if I can be of help.

Tom
Eagle Nationwide Mortgage Co., Thomas.Stevens@ENMCdirect.com
0 votes Thank Flag Link Tue Mar 2, 2010
Scout,

It all depends on the documents you signed in addition to the ccontract you submitted. If you deposited earnest, how long ago and do you have a BUYER'S Agent? Or is this one a short sale with the listing agent as the DUAL agent?
Please email me and I willl help you unless you do have a buyer-agent that is reviewing and watching out for your best interest. Part of what we do is ensure that our buyers know the TIME frames reasonable for waiting on a short sale. Listing agents require 30-45 days minimum many times for a short sale approval to be granted by bank and want to have a buyer COMMIT to that so there is some sticky verbiage.

Have a great day!

Kelli
602-579-0854 CELL

CENTURY 21 ALL STAR-CDPE
0 votes Thank Flag Link Tue Mar 2, 2010
Scout,

You definitely need to speak with your agent. For one thing it depends on what your contract says on the timelines. For instance in NC your agent would have had to fill out the paperwork with certain dates for inspections loan applications, settlement dates, and closing dates. So speak with you agent and tell them that you have waited long enough. It is not that unusual considering how long it takes for some short sales to close. Since they cannot convey the home at the agreed upon price that the seller may have signed you should be able to get your escrow money back but you do need to consult with your agent to advise you about KS real estate laws and regulations.

Hope this helps,
0 votes Thank Flag Link Sat Jan 9, 2010
What does your agent advise--if you are in contract, what does the contract state--if you don't have an agent, why not contact an attorney specializing in real estate--again, it will all depend on what the contract states.

Anna
0 votes Thank Flag Link Sat Jan 9, 2010
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