Home Buying in 91301>Question Details

Shredder, Home Buyer in 95135

how do I back out of a short sale offer?

Asked by Shredder, 95135 Tue Aug 25, 2009

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My first question to you would be do you have an accepted offer? Did the owner of the property accept your offer? Did the negotiator for the bank/the bank accept the offer? If the owner accepted the offer, but the bank did not, there is no legal and binding contract. You may move on. If your Real Estate agent was working to protect your best interests, there would be a "Short Sale Addendum." Through negotiation, the deposit should not have entered into escrow until there was an accepted offer from the bank. If these are the conditions, you may move on. If you do not have an experienced Short Sale negotiator working for you, you may still move on under certain conditions. You will need to read the purchase contract and address the conditions of the sale. Are there appraisal contingencies, loan contingencies, inspection contingencies? Feel free to post more details so that you can get better advice. If you would like to get more information please feel free to call or email me with no obligations. Have a positively wonderful day.

Richelle Briasco
RE/MAX Estates
0 votes Thank Flag Link Tue Aug 25, 2009

are you talking about the same short sale offer you wanted to check the status on?

You need to speak with your agent about the possibility of drafting a "withdrawal of offer"

again... Good luck!
Web Reference: Http://www.themmteam.com
0 votes Thank Flag Link Tue Aug 25, 2009
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