Foreclosure in Los Angeles>Question Details

Ann Guyer, Home Buyer in Los Angeles, CA

if i put an offer in on a short sale property, and the lender accepts it, can i back out?

Asked by Ann Guyer, Los Angeles, CA Thu Feb 12, 2009

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6
Hi Ann,

There is always much more important information then what is shared in these questions. These additional details are quite often the information necessary to provide the most accurate response that applies to your experience.

Our recommendation is to process this thoroughly with your agent prior to considering reviewing it with an attorney.

details+document+lawyer=the best direction

Good luck
The Eckler Team
0 votes Thank Flag Link Sat Feb 14, 2009
LOOK - YOU HAVE NO SHOT AT ALL WHAT SO EVER. ITS IMPOSSIBLE AS THE LENDER CONTROLS THE SALE. THEY MAKE MORE SELLING IT AT THE HEAVIER LOSS.

STOP FIGHTING THIS AND REALIZE WITH A LITTLE RESEARCH (MLS AND TAXES DUE MONTHS LATER) YOU CAN PUT THIS MESS TOGETHER , ITS CALLED PASS THROUGH I-N-S-U-R-A-N-C-E PREMIUMS FROM OVER COLLATERALIZATION.

HELLO .

OKAY, IN COURT TODAY WE LOSE (FOR NOW ) IN A SHORT SALE OFFER TO A REALTOR WHO BOUGHT THE PROPERTY IN A SINGLE ASSET TRUST WHOS NAME IS THE SAME AS THE PROPERTY ADDRESS.

MY LEVEL HEADED FRIENDS - HOW DO YOU SET UP A TRUST IN THE NAME OF A PROPERTY BEFORE YOU EVEN KNOW YOUR GOING TO WIN THE BID.

WELL AHHHH UMMM AHH OKAY SOOO AHHH WELL OKAYYYYYY UMMMM . . . . .( THEY WILL NEVER BELEIVE IT - A LENDER TELLS ME RECENTLY AFTER A COURT HEARING - "GO AHEAD AND SPREAD THE WORD - YOU KNOW THEY WONT BELEIVE YOU! ")
0 votes Thank Flag Link Sat Feb 14, 2009
It depends on several factors. Did you open escrow? Did you sign a shortsale addendum?, if so where any boxes checked off? Your agent can advise you what to do.
0 votes Thank Flag Link Fri Feb 13, 2009
Hi Ann,

It depends on your contingencies removal timeframe and if you wrote out the offer on a C.A.R. standart form with a short sale addendum. You should be able to get out of it if the contract allows it. The cancellation has to be done in writing by your agent. Talk to your agent.

Best,

Tova Sarir
Keller Williams Realty Beverly Hills
homes@tovasarir.com
310-497-1930
Web Reference: http://www.tovasarir.com
0 votes Thank Flag Link Fri Feb 13, 2009
It all depends on the contingencies in your offer. What outs does your offer give you? When I am writing a short sale offer for a buyer I leave lots of outs. It is hard to know when a short sale will be approved.

Not long ago the loss mitigators at Chase told me that most of the time the first buyer backs out. The banks know this happens.

Consult with your agent.
Web Reference: http://miOaklandCounty.com
0 votes Thank Flag Link Fri Feb 13, 2009
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
Contact
Hello Ann,

As long as you are still in your contingency period and the contract you had was a standard contract, you should be able to back out of the purchase. I would contact your agent as soon as possible and let them know you wish to cancel the offer so that the seller can find another buyer before their home forecloses.

Monique Carrabba
The Carrabba Group
mcarrabba@kw.com
0 votes Thank Flag Link Thu Feb 12, 2009
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