Home Buying in 92131>Question Details

Peter, Home Buyer in sd, ca

If I put an offer an a house, plus deposit to secure it, can I stil back out and get all my money back? thank!

Asked by Peter, sd, ca Sun Mar 16, 2008

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14
Patti Phillips’ answer
Peter, If this is a traditional purchase in California, you have 17 days to back out for any reason at all. Up until the point that you release contingencies you don't have to have any reason.

Patti Phillips
800-680-9133
1 vote Thank Flag Link Sun Mar 16, 2008
Hello Peter. The answer to your question depends on the terms of your contract. Typically, you have 17 days to inspect a property and you can cancel the contract any time before you have removed your inspection contingencies and get your deposit money back. The terms of your contract may be a little bit different if you made an offer on a bank owned property as banks often shorten the inspection period to 10 days. Your agent will be able to answer your question better than any of us on Trulia as your agent knows all the terms of your contract. Is there a compelling reason why you do not want to ask your agent?
1 vote Thank Flag Link Sun Mar 16, 2008
Ute Ferdig -…, Real Estate Pro in Newcastle, CA
MVP'08
Contact
The only way to answer this question is to refer to your specific purchase agreement you signed. Ask your agent, they should be able to answer this question very quickly.

Most likely you have an out unless:

1) Your contingencies have been removed or expired or
2) You signed an addendum or additional contract that says the contrary.

Good luck,

Wesley Guest
Broker Associate
Web Reference: http://wesleyguest.com/
0 votes Thank Flag Link Sun Feb 10, 2013
Hi Peter,

If you are within the 17 days inspection contingency removal period in California or the owner dose not except your offer or counters and you don't except you should be able to get deposit and other money. Talk with your agent they know the details of the contract
0 votes Thank Flag Link Sun Feb 10, 2013
Peter, It depends on what is written in the contract. By default you have time to do inspections and kick the tires and make sure your loan is in order. Once you release your contingencies your deposit is at risk. Have your agent go over the contract you signed and ask them to show you the contingency periods and time lines. Best of wishes.

Dawn Lewis
http://www.dawnsellssandiego.com/
0 votes Thank Flag Link Sat Oct 17, 2009
Jeffrey gave a good answer. However, I would advise you not to run around doing this. If you give your deposit the seller can sometimes cause a stink about signing cancellation instructions and refuse to give your deposit back right away. They may be able to take you to court/arbitration and tie up your money for who knows how long. Find a good home that you like and are serious about. Your good faith deposit is just that, a show of good faith towards a purchase.

Patti gave a nice answer as well, although the buyer does not have the option to back out for "any reason." The standard C.A.R. form RPA-CA outlines specific instances in which the buyer may have a right to back out. Although, in essense, you could decide you don't want the property because you found a paper clip in the washing machine of your current home (or any other reason that has nothing to do with the pending purchase) and state that it was actually because of one of the legitimate reasons stated in the contract. This would, however, be a lie. And, every contract has an implied covenant of good faith. Many lawsuits and expensive problems related to real estate transactions could be avoided if people always acted in good faith. Can we request that everybdoy in CA do that for a year? Oh wait, that wouldn't make the lawyers very happy. :)
0 votes Thank Flag Link Fri Oct 16, 2009
Peter, as James said before, it depends on what your contract says. If you have put up a non refundable deposit (rare in this market) you could lose that portion of your deposit. The standard CAR purchase agreement calls for a 17 day removal of contingencies, as long as you have not removed those contingencies, you should be able to cancel and have the depoist returned, upon cancellation of the contract and escrow, by both parties. You should ask your agent about your options.
Jeff
0 votes Thank Flag Link Tue Sep 1, 2009
Absolutely you can back out...within the 17 day contingecy period...or even if you removed all contingencies and kept the loan contingency in, you can cancel based on the fact that you were not able to get a loan...
0 votes Thank Flag Link Tue Jun 30, 2009
Hi Peter,
Yes, if you have not removed your contingencies and if you are using CA-RPA. Review your contract with your agent for you time frame.

Best of wishes,
0 votes Thank Flag Link Tue Jun 30, 2009
Hi Peter,
The long and the short is you should be.... however we have not seen your contract...
How long have you been in escrow? Have you removed any of your contingency's,
How long did your agent give you to do inspect of the property?

This is really a question you should be asking your agent.
A lot will depend on what your agent wrote in your contract.
You better get on the phone with him or her!
0 votes Thank Flag Link Tue Jun 30, 2009
In Michigan, if you put in an offer and good faith deposit, you can back out and get all your money back. The seller may "accept as written" , signs & dates and then the contract is presented to you, you still must sign your acceptance. Then you have a contract that is legal and binding on both parties.

If the seller counters your offer - they are now extending an offer to you - so you must sign your acceptance of the offer, and they must sign again or they may back out. Once they sign, then you have a contract.

There's a lot of signing going on around here!!!!

An offer typically has contingencies included in the contract, most often home inspections and financing. Means it must meet inspection and or financing, or the contract is void and deposit is usually refunded in full.

A bank repo house often receives several offers at once - all with a good faith deposit and an approval letter or proof of funds. None of the contracts are binding until there's some signing.... typically the bank sends the buyer addendums to sign as well - they sign everything last.

An offer is what it is, an "offer"
0 votes Thank Flag Link Tue Jun 30, 2009
Your question needs additional detail: has the contract been presented to the seller? accepted in writing? do you have a copy of acceptance? are there contingencies? probably a loan is required?
Web Reference: http://www.FBS-PM.com
0 votes Thank Flag Link Sat Mar 22, 2008
Hi Peter,

I the standard California Associate of Realtors (CAR) contract paragraph 14 on page 4 explains the time periods, removal of contingencies, cancellation rights. Once these are set in the contract the time periods may only be extended, altered, modified or changed by mutual written agreement.

That is the legal blurp of the contract. Are you working with a realtor? If not ,this is another great reason, too. We are familiar with the contract are always protecting our clients money and interest.

If you need any help in the San Diego Area please let me know i live and consultant real estate in the area.
Or go to my website http://www.encinitasproperties.net
0 votes Thank Flag Link Mon Mar 17, 2008
Do I get 3 day to rescind?
0 votes Thank Flag Link Sun Mar 16, 2008
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