How long does it take a cancellation of contract to be signed? We sent it on 9/14 and haven't received it back yet, whats taking so long?

Asked by mcraddock372, 25271 Tue Oct 9, 2012

Purchase price was 240K we settled for 233K the bank took forever to give me the denial letter and we signed the contract for them to keep the earnest money on 9/14. I had to jump thru hoops to even get them to give me a denial letter.

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Mike Blessing’s answer
Mike Blessing, Agent, Cross Lanes, WV
Tue Oct 9, 2012
My answers to your questions are assuming you are working with a REALTOR and the house you were trying to purchase was listed by a Real Estate Broker and REALTOR. You should speak with your REALTOR about your particular situation. In order for the Broker who listed the house you were trying to buy to cancel the contract and release the earnest money to whomever it is agreed to give it to, there needs to be a mutual cancellation of the contract document signed by the purchaser and the seller. That document when signed will cancel the contract. If your contract to purchase the house was a normal type of contract with the purchase of the house contingent upon your being able to get a loan to purchase and you were denied the loan, then normally the contract is written for you to be able to get your earnest money returned to you. So it is unclear from your question why the earnest money is not being returned to you but each contract is different and circumstances are different so you should speak with your REALTOR who can help you with your situation.
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