Home Buying in 94544>Question Details

dungloan1998, Home Buyer in Hayward, CA

Can you back out on a foreclosed house once the seller accepted your offer?

Asked by dungloan1998, Hayward, CA Tue Jul 24, 2012

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Sure, you have your seventeen day contingency period that starts when your offer is accepted by the seller. Typically you have three of these contingencies that you would normally sign off on within those seventeen days. One is the loan contingency, two is the appraisal, and the third is the pest and property inspection. Al of these need to be met to your satisfaction as well as your lenders. Any one of these is a loop hole for you to get out.
0 votes Thank Flag Link Thu Aug 9, 2012
First, you should ask your own realtor to review your contract.

What contingencies did you put on your offer?
Buyer investigation?
Loan appraisal?
Loan approval?
Within what period of time?

If you have not cleared or signed off on all contingencies within a certain period of time, you may be able to back out and get your deposit back.

REOs generally provide their own contract in addition to the traditional CAR (California Association of Realtors) contract, so this may require more scrutiny.
0 votes Thank Flag Link Thu Jul 26, 2012
Shanna is right on. I might add that you may want to consult with a real estate attorney.
0 votes Thank Flag Link Tue Jul 24, 2012
Hi dungloan1998,

You would need to refer to your purchase contract. It should state reasons you can cancel contract without losing your ernest money deposit. You might want to talk to your Realtor too.

Shanna Rogers
SR Reatly
0 votes Thank Flag Link Tue Jul 24, 2012
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