Asked by Anthony, California • Wed Aug 27, 2008
How to do I Cancel Escrow on a short sale property ? We have released all contigencies and signed loan docs and was supposed to close escrow yesterday. Everything on our end (Buyer's End) was good to go and we were ready to buy our lender was ready to fund but there was a delay (approval on short sale) on the seller's bank and we are now 1 day passed escrow closing date.
Seller's agent listed the property in mls description that this was an approved short sale but as it turns out it's not. In fact that is the reason for the delay we are waiting for short sale approval.
Now I'm having second thoughts on going thru with purchase due to the reason that I think we overpayed, we are paying all closing cost, hoa fees increased, and the rate on our loan was a little bit higher. Are we still obligated to purchase the house ? would there be any legal implications if we don't ? (eventhough it's the seller's bank fault that we did not close on time) are we actually out of contract ?
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