Home Buying in Merrillville>Question Details

Deonsvans, Home Buyer in Merrillville, IN

if i only have a verbal acceptance on a short sale as the buyer, can i rescind without losing earnest monies?

Asked by Deonsvans, Merrillville, IN Wed Jun 15, 2011

in merrillville, indiana

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8
Ruth Lockhart’s answer
Your agent should not have submiited the EM until it was accepted in writing. Are you sure the money wa submitted? You hould be able to get it back if it had been.

thanks,
Ruth Lockhart
McColly
1 vote Thank Flag Link Wed Jun 15, 2011
You do not have anything in writing, so your ernerst money should still be with your agent. Call him/her immediately and submit in writing that you want to withdraw your offer. You should not have any problems getting your EM back. Good luck to you!
0 votes Thank Flag Link Wed Jan 2, 2013
Talk to your REALTOR. Please tell me you're working with one. A verbal offer is NOT legally binding. But you should submit a notice to withdraw the offer asap. Of course you can get your earnest money back...but since you've submitted it, and it's being held by the listing company or title company, it may be difficult to get back. (If I were your agent, I would not have my client send earnest money until short sale acceptance).
0 votes Thank Flag Link Mon Jul 9, 2012
You have to get the seller sign the offer. If you don't have an agent you should get one. It will not cost you anything, but your agent will follow up with the first mortgage holder and you will be informed. It takes about 4 months now to close a "good" short sale. If you would like to know more,please, feel free to contact me.
0 votes Thank Flag Link Mon Jul 9, 2012
it worries me that any agent in my association would stop to make me think that a VERBAL OFFER being presented to me would mean anything to me at all. Furthermore, to think the bank that owns the loan would even believe a seller who would say they have a verbal offer on their house is most strange as well.....
0 votes Thank Flag Link Thu Mar 8, 2012
You have a signed contract , so it is binding, but here is the saving grace for you, you will receive a load of extra addenda from the bank that will need your signature before contract can continue. Send the selling agentt a written and sign statement stating that you wish not to continue with this sale and wish to rescind your offer. You will have to weigh out how much you have in earnest money, you will want a Real Estate Attorney to represent you on this as well as more and more legal advise. The few hundred an attorney will charge is well worth it if it is saving a few thousand!
0 votes Thank Flag Link Wed Jun 15, 2011
Has any money been exchanged yet? You should have had a contract in place. Please contact me if you are not working with a Realtor, I am in Merrillville.
0 votes Thank Flag Link Wed Jun 15, 2011
Hi Deonsvans,

Real estate contract have to be in writing to be legally binding. If all parties have not signed the contract yet, have your Realtor do a Withdrawl of Offer to cancel the offer. This has to be signed by all parties. You should get your earnest money deposit back since you don't have a legally executed contract at this point.

Shanna Rogers
SR Realty
http://www.ReatlyBySR.com
0 votes Thank Flag Link Wed Jun 15, 2011
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