Home Buying in 91790>Question Details

Plum, Home Buyer in 91790

In Ca can a buyer back out of a short sale that hasn't been approved by the bank yet. In the SSA the bank has up to 2 mths to accept offer.

Asked by Plum, 91790 Fri Jun 25, 2010

Help the community by answering this question:


Yes, you can back out. As soon as you know that this is what you want to do, please don't hesitate and tell the listing agent as soon as possible, so they can put the house back on the market asap.

Do not listen to agents who tell you not to look at short sales. Short sales will get you a more discounted price over REOs and most equity sales. There are some great tips I can give you, so before you do offer on another short sale, things will go more smoothly for you. Namely, determining how the owners' loans are set up, is there an equity loan that needs to be dealt with, things like that.

Other agents who tell you not to look at short sales are ones who likely have never worked with a bank to successfully close a short sale transaction.

Feel free to email me directly if you have any questions, I won't look back on this same Trulia thread.

562-430-3053 cell
0 votes Thank Flag Link Fri Jun 25, 2010
Buyer can back out - usually up to 3 days AFTER bank provides written approval of short sale - that is when the earnest money deposit is supposed to be in escrow. Until money is exchanged (consideration is given) you do not have a binding contract.

Let me know if you need any help buying another home - I usually recommend buyers stay away from short sales.

Bill Mota
626) 233-0190
0 votes Thank Flag Link Fri Jun 25, 2010
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