Escrow was expire 10/25. Can we cancel our Escrow and get the deposit back now?

Asked by Jack Lam, San Francisco County, CA Mon Oct 18, 2010

We didn't sign any extension. But I think our broker sign it without telling us. Also, our first load was not approval. Now our broker submit the load to another bank and tell us the load was approval, but he still ask us for bank statement. We want to cancel the Escrow since we change our mind. But our broker tell the selling broker that our load is approval. Can we cancel our Escrow and get the deposit back now? And if the selling broker and our broker don't agree to cancel the Escrow, what should we do? Thanks

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Tue Oct 19, 2010
My guess is at this point, since it is only 10/19, that you are not able to cancel until after 10/25....but even then, it all depends on the contract wording. If your real estate agent is not helping, call his broker. If you do not receive clear information, you may consider a real estate attorney.
Jim Ryan, Home Savings of America, 703 591 5626 ext 419.
0 votes
Jed Lane, Agent, Petaluma, CA
Mon Oct 18, 2010
Who is this broker working for, you or himself?
For everyone that reads this in the future we agents work for you the principal. We have a fiduciary duty that demands, by law and ethics, that we always place the principles interests ahead of our own.

Getting your deposit back requires bilateral action. In other words both the buyer and the seller must agree on the return or distribution of the funds. You should speak first with the manager of the brokerage where your agent works. If you are still not satisfied then you must hire an attorney.

To your last question about the brokers agreeing - it isn't up to them it is up to the buyer and seller the principals in the transaction to tell escrow what to do. You can do it through your agent or you can do it yourself.
0 votes
Vincent Vill…, Agent, Chula Vista, CA
Mon Oct 18, 2010
Hi Jack,

There are 3 ways to cancel escrow.(providing no modifications to your contract were countered out)

1.Inspection contingency (you have 17 days to cancel due to inpection if the days wernt shortended or added)
2.appraisal contingency (if the appraisal good you can not use this) contingency (If you can get a loan you cant use this) FYI, just because your agent says you can get a loan doesnt remove your loan contingency. If your loan contingency has been removed then you are out of luck if you can not get a loan and it will be difficult to get your earnest check back.
0 votes
Scott Godzyk, Agent, Manchester, NH
Mon Oct 18, 2010
No onbe can sign anything on your behalf. The key to receiving your escrow back is if you gave the mortgage denialk letter to the listing agent within the dates specified in the purchase agreement that outlined your mortgage contingincy. If those dates have passed or expired, you could lose you deposit if you back out. You should gather all your paperwork and review it at once to check on your dates.
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