I want to back out of a short sale. Will I lose my down payment? They have taken 7 months and have yet to accept or reject the offer.

Asked by Mikee78, 33018 Tue Apr 13, 2010

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Anna M Brocco, Agent, Williston Park, NY
Tue Apr 13, 2010
Not knowing what your contract states--review the contract in it's entirety as it may have expired by now--and you may wish to consult with an attorney to review all documentation beforehand--but what is your agent advising--he/she is your best source of information.
1 vote
Michael Genn…, Agent, Media, PA
Tue Apr 13, 2010
Hello Mikee78!

Without seeing the agreement of sale and the details therein, it really is hard to say. Generally there should be some type of "Seller Response Date" that requires the seller to accept the offer in writing by that date. If the seller has not indicated their acceptance of the offer in writing by that date then you would have no further obligation to stay in the transaction and incur no penalty. I don't know what state you are in, but in PA the deposit check is not deposited until there is acceptance by the seller in writing. In this instance the uncashed check would have been given back to you. Check with your agent, if you have one, in regard to the specific guidlines of your state. If you want to back out most certainly do it in writing and be sure to sign and and date it.

You can always reach me here or at my website at http://www.HomesInDelco.com

Hope this helps and feel free to email back!
Sincerely,

Michael P. Gennett, REALTOR®, SRES®
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1 vote
Dave Griswol…, Agent, Bridgewater, NJ
Tue Apr 13, 2010
if they haven't accepted or rejected you down payment should be refunded. We suggest you contact your Realtor and recind your offer. Make sure it's in writing as well as verbal. Shouldn't be any issues.
all the best
Dave & LIsa
Web Reference:  http://www.urhomerealty.net
1 vote
Steve Vennem…, Agent, Pine Springs, MN
Mon Dec 26, 2011
It depends on your contract but usually the realtor if you had one puts in their that you can back out if you choose to. Most states also have a short sale form you signed you should read if you signed one with the purchase agreement..Call your realtor they can tell you more.
0 votes
Mikel DeFran…, Agent, Canton, MA
Mon Dec 26, 2011
Mike,

As discussed... you and/or your attorney need to review the exact terms of the offer, but it's unlikely you would have been advised to sign a contract that would keep you bound for such a long period of time. Have you been signing extensions, are you out of contract? Have you asked the selling side what the heck is taking so long?
0 votes
Roland Vinya…, Agent, Sprakers, NY
Mon Dec 26, 2011
A contract is binding when it has properly affixed the signatures of both buyer and seller. On the surface of your questions it would appear that it is not a binding contract and that you can get your money returned. But it may not be so simple, especially when a third party bank is involved. I would feel more comfortable if you could get advice from an attorney who has the contract in his hand to review.
0 votes
Scott Godzyk, Agent, Manchester, NH
Mon Dec 26, 2011
mike first thing is teh seller needs to accept or reject your offer. once they do it is then submitte dto the sellers bank for short sale approval. 7 months is a bit lengthy as the average approval is down to 3 months. if the seller did not sign your offer you do not have a contract. If they did...Hopfully you made it contingent upon the sellers banks approval and can withdraw base don it. your agent should be guiding you through the process.
Web Reference:  http://www.ScottSellsNH.com
0 votes
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