Well, with out knowing all the details I will give you a basic answer. The 17 days doesn't really end unless the listing agent gets all the contingencies removed in writing before the 17 days has passed. This is called a active contingency, it must be removed in writing. Also, check your contract to make sure you have 17 days. Most importantly, don't release your contingencies or you might be responsible for giving up your good faith deposit or up to 3% of the purchase price! To cancel, I recommend you do it ASAP. You or your Realtor need to fill out a cancelation form and both you and the seller need to sign it and then contact the escrow company so they can cancel the escrow with thier cancellation forms. Get everything in writing or in a e-mail for your file. If you are representing yourself, you can simply put it in writing and have both parties sign it. Please note, sometimes a escrow company will charge you a very small processing fee for the services they had preformed on that escrow, usually a nominal fee of $100. which is understandable. Good luck with your house search and please call or e-mail me with any other real estate questions you might have in 2010!
DRE # 01374800
As all of the agents have stated you are within your rights to cancel without any penalties as long as you have not removed your contingencies, if you have removed your contingencies then there could be consequences., it's all in your contract. Check with your agent! Your agent can do your cancelation instructions or you can contact your escrow company and they can also write up cancelation instructions. If you have removed your contingencies they you can still cancel, however the seller might be entitled to your good faith deposit or up to 3% of the purchase price. The terms are all in your contract.
I hope this finds you in good health and Spirits.
Both of these responses are correct. You can cancel a contract by contacting you agent and informing him of your desire. He will then fill out a Cancellation of Contract form that you and the seller will have to sign. No long explaination is required. If you are attempting this purchase on your own without representation, please feel free to contact me. If you have any questions.
Gary R. Edmonds
That's a bummer. Now as long as you haven't removed your contingencies and they are active and not passive contingencies (you have to remove them in writing) you should be able to back out. Contact your agent and let them know so they can request the cancellation of escrow and get you another house.
The Carrabba Group
Keller Williams Hollywood Hills
My two cents is this:
If you made an offer, and now you want to cancel, cancel ASAP, do not wait for day 17, for you are hurting the seller.
If you are not sure, then have a talk with your Realtor about your feelings. The illness you have is called "buyer''s remorse". You think that you bought the wrong property, paid the wrong price, or whatever. It is not uncommon.
I encourage you to talk about your concerns with your Realtor up front so they can help you.
In most cases, it depends on the timeframe that was specified in the offer. If your loan/appraisal and inspection contingencies were set at 17 days and those 17 days are not up yet, then you would need to let your agent know that you wish to withdraw your offer. A Cancellation of Escrow will have to be signed by both parties to allow the Escrow Officer to release the earnest money less any costs that have been incurred like appraisal or inspection, or other that might have been billed to escrow. If contingencies were in place and not removed, the seller should not have any claim on the deposit. However, if the the offer was written as non-contingent, then the seller may be entitled to up to 3% if you elected the liquidated damages clause which part of the standard California Association of Realtors purchase agreement. If you did not opt for liquidated damages and your contingency period is up or removed, and you could be found to be in breech of contract, then the seller may try to seek damages which may exceed 3%. In either case, you need to consult with your agent.
Arturo C.Shivers, Realtor
CA DRE Lic. #01779941
Keller Williams Realty
760 Camino Ramon, Suite 200
Danville, CA 94526
Office: (925) 855-8333 Ext. 272