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Confused And…, Home Seller in Bird Rock, San Diego,...

Quickly, Ca. Sale house is in escrow 30 days, sent NBP form, they have not complied, can I cancel the contract? 11/9 close appraisal is set for today.

Asked by Confused And Frustrated, Bird Rock, San Diego, CA Thu Nov 3, 2011

House in La Jolla Ca. 30 day escrow and the box was checked at execution for loan contingency to remain in effect until loan funding, I sent the buyer a NBP on sunday 10/30 to remove all contingencies. We are already outside of the other contingency time frame. The transaction is to close on 11/09 and the appraisal is scheduled for today at 12:30. Something does not feel right at this point. First how are they going to get a funded loan for a 1.5 million dollar sale with 600,000 down in 6 days? My question is can I nullify and cancel the contract if they have not removed all contingencies per my request as of yesterday at 5 pm? Plain and simple I don't want to sell as I was pushed into the deal by my broker with out having all the facts about the buyer and their actual interest in the house, he was continually showing the house to the buyers telling me he was showing it to other people. He knew my situation had changed and I was going to keep the house but told me I had to counter.

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This can get pretty tricky, but generally, the answer is 'yes' you can cancel if the buyer has not removed other contingencies per paragraph 14 of the RPA. I recommend contacting a Real Estate attorney ASAP.
1 vote Thank Flag Link Sun Nov 6, 2011
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