Home Buying in Las Vegas>Question Details

laughlin309, Home Buyer in Las Vegas, NV

Question about short sale addendum

Asked by laughlin309, Las Vegas, NV Tue Jul 29, 2014

Hello, in the middle of buying my first home which like many homes is a short sale. I would like some advice/insight with what is on my contract. I have one line in the contract stating:

"Buyer's right to Cancel. Buyer may cancel the purchase agreement for any reason and without penalty any time after 120 days from acceptance if lender approval has not been received. Upon receipt of Buyer's written cancellation and demand for return of EMD, ESCROW HOLDER is instructed to cancel escrow and return EMD to buyer without any further instruction from the parties. " and on the short sale addendum I have a line stating:

"SHORT SALE TIMELINE CONTINGENCY: In exchange for the seller removing their property from the market, buyer understands that should buyer cancel the transaction for any reason prior to 180 days from acceptance the seller at seller's option may deem the buyers to be in default under this agreement. In that case, buyer understands that the seller shall return buyer's "EMD" a

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Answers

5
Hello,..

I really can't advise you on your contract if I am not involved in the transaction.
Most other agents won't either.
You need to get a direct answer from your Realtor...

Good Luck...

Hank Lauzon III
Signature Real Estate Group
9525 Hillwood Drive #120
Las Vegas, NV 89134

Cell 702-449-0899
Fax 702-799-9598

Web : http://www.HanksLVRealestate.com
Email: HankLVRealestate@aol.com
Facebook: http://www.Facebook.com/HanksLasVegasRealEstate

Never look down on anybody...unless you're helping them up.
0 votes Thank Flag Link Thu Jul 31, 2014
You may want to speak directly with your agent, the escrow holder an attorney for this one.
0 votes Thank Flag Link Thu Jul 31, 2014
You can always play it safe and wait 181 days so you will have passed both time frames. There is missing info needed to answer this question. A lot of times addendums will have other verbiage as to which one supersedes the other etc. Has your agent advised you on these questions?

Best Regards,
Robert Adams
Licensed Real Estate Broker NV#62827 MA#9530304 RI#18138

NV Broker & Team Leader of The Adams Team at Rothwell Gornt Companies
C:702-349-9175
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com


MA & RI Broker at Sankey Real Estate
C: 508-250-0345
RobertAdams@MArealestateHELP.com
http://www.MArealestateHELP.com

RobertAdams@RIrealestateHELP.com
http://www.RIrealestateHELP.com
0 votes Thank Flag Link Wed Jul 30, 2014
Hi Laughlin 309.

Unfortunately you won't get any definitive answers from agents on this because it is technically a legal question (asking them to interpret a contract) about a transaction they are not involved with. (I have never seen a contract that had two different time periods in it like this before.)

Have you asked your agent? Have you consulted with an attorney?

My personal opinion: if you are in doubt and don't want to chance losing your earnest deposit, don't cancel the contract before the 180 days.

If you have a due diligence period to inspect the home after a bank approval and if the contract is subject to you approving the HOA docs (if this property is in an association) you may have additional recourse to cancel the contract AFTER the 120 days or 180 days has expired.

MY advice would be to consult with an attorney who can truly advise you of your legal rights to cancel.

Diann Tonnesen
Berkshire Hathaway HomeServices
sold@GreatLasVegasHomes.com
702-985-7654

The Tonnesen Team - with over 30 years of experience helping families call Las Vegas "home!"
0 votes Thank Flag Link Wed Jul 30, 2014
**Reason why I am asking is sept. 2 will be 120 days and have heard nothing back from bank acceptance. I have the opportunity to buy a comparable house from a family member regular sale. I don't want to lose the EMD, wanted to know if I need to wait the 120 days or 180. Thanks for any help.
0 votes Thank Flag Link Tue Jul 29, 2014
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