Home Buying in 94603>Question Details

Honeytoast4u, Home Buyer in Oakland, CA

If I make a offer on a home in I don't want the hone anymore can I cancel the offer?

Asked by Honeytoast4u, Oakland, CA Sun Aug 7, 2011

Help the community by answering this question:

Answers

11
It depends on what you signed and if the seller has accepted, if the seller hasnt accepted you could ask your agent to withdraw it, if the seller has signed the offer you may need to use your contingincies to get out. You nee dto check your offer to know for sure
Web Reference: http://www.ScottSellsNH.com
1 vote Thank Flag Link Sun Aug 7, 2011
If your offer wasn't accepted, then you can withdraw your offer if you change your mind

If your offer was accepted and you've opened escrow, there are contingency periods during which you have the opportunity to inspect the property, have it appraised, and also see if you can get a loan for it.

As long as you have NOT cleared or signed off on all these contingencies, you have the option to back out and get your deposit back.

Hopefully you are discussing your rights, obligations and options with your realtor. That's your first resource.

Good luck!
1 vote Thank Flag Link Sun Aug 7, 2011
You can cancel your offer but you may not get your earnest money deposit back.
0 votes Thank Flag Link Thu Aug 11, 2011
Hello Honeytoast: What documents were used to write the offer on? Who helped you write the offer. Is that person qualified to give advice/information to you. The contingencies in an offer ( if written) can be used to get out of the deal. Hopefully you are not using them ( the contingencies) to just wriote an offer to see what happens. There has to be good faith in your offer too.
Talk to and find a good realtor. That truly is yourbest course of action to protect you.
Antoine
Web Reference: http://theeastbaybroker.com
0 votes Thank Flag Link Mon Aug 8, 2011
It totally depends …

• On how the contract was written
• What type of property it is (example, short sale)
• Where you are in the contract timeline

Without seeing the contract, none of here can really answer the question. We can guess and give you various scenarios, but, in reality, the only one who can really answer this is your Realtor.
.
0 votes Thank Flag Link Mon Aug 8, 2011
Yes you can.
If it your offer was not in writing, you can walk away.
If it was and it was signed by all parties, there may be consequences which your attorney will have to go over with you.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Mon Aug 8, 2011
Hello,

Did you work with a Realtor to submit an offer? Did you have any contingencies in the contract? (Inspection, appraisal, loan)? Without knowing the full details of your situation, it is not easy to speak to. If you are in contract and are in your contingency time frame, and have a valid reason for canceling the contract, then you would have a way to walk away from the property. If you released all your contingencies, then it gets more complicated.

Hopefully you are working with a Realtor and they should be able to guide you through the process with the seller.

Hope that helps!

Lisa Cartolano
0 votes Thank Flag Link Sun Aug 7, 2011
Check with an attorney, not your Realtor. Your Realtor cannot give you legal advice.

If you are still truly at the "offer" stage - as opposed to having a fully executed contract (i.e. your written offer was already accepted in writing by the seller) - the advice is going to be different.

Call an attorney right away as your options may change, the longer you wait, for the worse.

Good luck.

Maripat Flood, J.D.
Realtor, Attorney
Michael Saunders & Company
Sarasota, Florida
0 votes Thank Flag Link Sun Aug 7, 2011
Hey there Honeytoast,
Hopefully you are working with a good Realtor who wrote the contract with you. That person is your go to guy. And will let you know what you can do and what it may cost.
Good luck in this
Bill
0 votes Thank Flag Link Sun Aug 7, 2011
Scott is correct...
"It depends on what you signed and if the seller has accepted, if the seller hasnt accepted you could ask your agent to withdraw it, if the seller has signed the offer you may need to use your contingencies to get out. You need to check your offer to know for sure."

You might want to check with you agent about your current offer status.
0 votes Thank Flag Link Sun Aug 7, 2011
Well, it depends on how your offer was written and what point in the escrow you are. Technically you can back out at anytime but if you have already removed your inspection contingency, you may lose you're deposit.

Check with your realtor to see if you are still within your inspection contingency time frame. If not, you may have to forfeit your deposit unless a new material fact is disclosed by the seller or their agent which would give you a three day right of recision period.

Good luck!
Aaron brown, the Grubb Company
0 votes Thank Flag Link Sun Aug 7, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer