Home Buying in 55416>Question Details

Joe H, Home Buyer in 55416

I need to get out of a contract, and i was NOT approved for a loan. How long does it take to be released from the contract?

Asked by Joe H, 55416 Tue Jun 14, 2011

Our contract states null and void if not approved for a loan.. The seller and their agent sent the disapproval letter to their attorney. We had our realator send them a release from contract form. Is there a timeframe where they have to release me after getting the release form and written letter from our bank? We sold our current home and need to be out in 45 days from today. Therefore, we need to be released asap so we can find a more affodable home within our budget that the banks would approve. We can't sign another contract until this happens. We live in Ohio.

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Answers

5
Did the seller sign a cancellation of the purchase agreement with you?

Hope all is well!!


Cody Anderson, MN Licensed Realtor

RE/MAX RESULTS
Metropolitan Home Team

Phone: 612-242-5752
0 votes Thank Flag Link Thu Apr 18, 2013
Joe, How did this turn out for you?
0 votes Thank Flag Link Wed Dec 21, 2011
The question was posted in a MN newsgroup so we can really only speak to what typical MN contracts say. The MNAR form states that buyer and seller shall IMMEDIATELY sign a cancellation of purchase agreement... However, immediately is not defined. Ask your agent what is typical for your area and if you don't hear back your next call should be to your attorney. Might not hurt to line up a month to month rental to ease the pressure of having to buy in a specific timeframe.

Cameron Piper
Coldwell Banker Burnet
Licensed in MN
Web Reference: http://www.campiper.com
0 votes Thank Flag Link Tue Jun 14, 2011
If the sellers refuse to sign a cancellation, you'll have to go through a court procedure called a Statutory Cancellation... which can take a few weeks and cost some $$$ to do. Hopefully the sellers are reasonable folks and won't do that but it could happen.
Web Reference: http://www.aaronsold.com
0 votes Thank Flag Link Tue Jun 14, 2011
You should be fine. The seller is just making sure the disapproval is legit. The money should be released shortly.

You can make an offer on another house. Just make it contingent on getting the cancellation signed.

Steele V. Propp
steelep@aol.com
0 votes Thank Flag Link Tue Jun 14, 2011
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