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John Sinerch…, Real Estate Pro in Fresno, CA

withdraw short sale offer

Asked by John Sinerchio, Fresno, CA Mon Nov 1, 2010

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Go according to what the contract dictates, and make sure your Realtor guides you. This should be a simple process, but can get complicated when it comes to what happens with the earnest money. Whatever your contract dictates is what you will have to abide by. Your realtor should be able to explain this to you clearly, and if not you may want to consider consulting an attorney.
1 vote Thank Flag Link Mon Nov 1, 2010
John, you should have no problems withdrawing your Short Sale offer. Your offer should have contained a Short Sale Addendum with the Residential Purchase Agreement. The SSA ask the Buyer to state the timeframe in which he expects to receive Approval from the Seller's Bank. If that date has passed with no approval yet, you can cancel easily. The SSA should also have stated that the 17 day Contingency Time Frame would not start until the SS Bank had approved your offer, and their approval was transmitted to and accepted by your Buyer in writing. Only then would the "17 Day" clock begin ticking. As long as the 17 day Contingency period hasn't expired, your free to cancel. This form also provides direction as to the Earnest Money Deposit, and whether it could be cashed prior to the SS Bank's Approval and your Buyer's written acceptance of that Approval. If it hasn't been cashed yet, so much the better. It's all in the paperwork.
1 vote Thank Flag Link Mon Nov 1, 2010
Since it is stated under your name that you are an agent--consider asking the question to your broker owner as he/she can best help you--as for withdrawing an offer, much will depend on the contract--review the document with your broker owner and or office manager, then go from there.
0 votes Thank Flag Link Tue Nov 2, 2010
John,
I'm not sure what your question is, but if you have a short sale offer in that has been languishing and want to withdraw it, the first thing you need to do is read the contract. What are the terms? Some will have automatic outs for buyers via a short sale contingency clause or even an uncompleted inspection contingency.
If you are not confident in your understanding of the contract, talk to your broker.
0 votes Thank Flag Link Mon Nov 1, 2010
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