I don't read in your question where it states whether or not you got a signed acceptance of offer. Did you? If you did, sounds like you might be on the hook, but if not, does not appear to me that your offer has been accepted and you can submit a "withdrawal of offer "WOO" form... check with your realtor..

Wed May 7 2008, 08:52

Hi Sophia:

You do have an opened escrow as long as both you and the seller have agreed to the terms of the contract, price, there is a start date and an end date and you used the CAR form RPA-CA (California Residential Purchase Agreement and Joint Escrow Instructions).

With out seeing your contract I can’t tell you what your specific contract says. There are two places for you to look and see. First if you used the SSA (Short Sale Addendum) section B (Time Periods) , if your agent checked the box which state shall begin the day after seller delivers to buyer written notice of short-sale lender’s Consent, then your time period that is referred to in the RPA-CA section 14 begins once you have written acceptance from the lender. If your agent did not use that form or didn’t check that box, then your time period begins the day after final acceptance of the contract was signed. Once the time period has lapsed (standard time is 17 days but could be changed by the contract) you will need to sign removal of contingency form (unless the listing agent put in the counter that it will be automatically removed at a specific time) in order for you contingencies to be removed. Once your contingencies are removed in writing you do not have a right to your deposit back. Until that time you do have a right to you deposit back, however you need the sellers signature (or a court order if you can’t get their signature) to get your deposit back.

If your agent checked section B2 on the Short Sale Addendum, you did not even have to put your deposit into escrow until after the you have lender’s consent, but you do have an opened escrow.

If you feel your offer is too high because of the changing market, I would suggest that you adjust the offer price through an addendum now before you get the answer from the bank, because it would be easier to get it changed now and almost impossible later. If seller won’t change the price with an addendum and you don’t feel comfortable with the price and are unwilling to go forward at the price you offered, I would then suggest that you cancel the escrow and ask for your money back now, because your intent is not to pay the amount you offered on the property.

Short sales can take a long time depending on how far the listing agent is in the process and how complete his package to the lender is.

I hope your found this helpful.

Good luck and make all decisions with information.

Diana Margala 909-945-5763

Wed Apr 30 2008, 21:47

Unless you made a noncontingent offer, your deposit is safe so long as you cancel the deal before your contingency period is up. Hopefully, you signed the short sale disclosure which ensures that your clock doesn't start until the bank actually accepts your offer.

Bottom line: you need to carefully review your documents to adequately answer your question.

Time is of the essence! If your agent won't help you, find someone who will. try the Sales Manager and then the Broker. Some agents will review your paperwork for you as a courtesy, but this is touchy because you technically already have representation.

Thanks for the opportunity to answer your question and compete for your business. You can reach me directly at 951.571.9229 or sean.giorgianni@gmail.com if you need anything.

In the meantime, I wish you health and success!

Wed Apr 30 2008, 20:55