I would suggest moving on and the next buyer get pre-approval before accepting offer. With pre-approvals as a Realtor I verify validity of approval. Plus you need verification of funds with offer. Additionally, buyers should have deposit in escrow within a few days from acceptance. Good Luck!
Gail Mercedes Cole
If you are backing out after making your deposit, and you are backing out because you can not get a loan,yet and it has only been three days you should be able to get your deposit back..
Escrow will know you backed out because your agent will have to submit cancellation forms to escrow.
The last part of your question kind of sounds like you have not actually made the deposit, if that is the case, and you are canceling within three days of your offer being accepted, you have nothing to worry about. Just have your agent submitt the cancelation paperwork.
Best of luck to you,
Kawain Payne, REaltor
I may have the fix for you where you wouldn't need that much to close? If you use the CHF Access half percent down payment program with a minimum 580 fico score to qualify which can also contribute towards your closing costs. You could close the transaction with less than what the earnest money deposit requested is? You can not get any money back from your deposit after funding this loan so that the agent negotiates the earnest money deposit not to be more than the needed amount to close and fund the loan.
I would need to know more to be able to advise you because if you act fast with an approval which I can get in minutes, could save your deal? Keep your agent and the offer going and get a DU Approval to furnish to the seller along with the details of funds needed to close and waalaa, done. Have your agent contact me and I will assist her but you must act fast...
Sheryl Arndt, Broker - Sr. Loan Officer
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Most likely you can back out within 3 days. Read your contract's terms, conditions, and contingencies deadlines. I don't know whether you have an agent representing you or not, but you can write a cancellation letter / document to escrow with instructions to cancel this transaction due to buyer not able to obtain loan, for example, and to have your deposit return. In general, escrow would need seller's signature in order to release your deposit.