Home Buying in Houston>Question Details

Firsttimebuy…, Home Buyer in Houston, TX

Short Sale Process and right as a buyer

Asked by Firsttimebuyer, Houston, TX Sun Jul 22, 2012

I am in the process of buying a short sale home by making an offer. The agent who is buyer and seller agent. He told me that the bank approved my offer. He told me to write a check to the title company. here is my question?
- At this point, can i still cancel the contract.
- At this point, i have not done inspection and this home have quite some repaire. Can i do inspection first before write a check to title company? because i could lost the money writing to title company.
- I am new to this process and not sure what the process like and what is my right as a buyer.
- what should i be aware?

Any adivice would help

Help the community by answering this question:


If the bank approved your offer, the bank should have issued a written approval which your agent must furnish to you. No written approval equals no approval. Even there is a written approval you are not necessarily obliged to accept the bank’s approval. It depends on what your contract says.
None of us on Trulia.com have a copy of your contract and none of us should have a copy of your contract. That is between you, the seller and your mutual agent.
The mutual agent is where I sense a problem. You do not seem to have been counseled very well by the agent in regard to the workings of a short sale. Your questions are legitimate questions that should be answered by an agent who is representing you and has your best interests in mind. I do not know if that is true of your mutual agent.
If you do cancel this transaction, I suggest that you get your own agent to teach you the correct steps of buying a house whether it is short sale, REO or normal sale.
0 votes Thank Flag Link Sun Jul 22, 2012
As a first time home buyer, it is good idea to have a realtor working on your behalf, looking out for you during the process. Tell the realtor you want someone representing you and then you will know that your rights are being protected.
0 votes Thank Flag Link Sun Jul 22, 2012
Not about Houston, but here the Deposit Check is due within three days of Acceptance.
Yes, it is written to the Title Company.
Yes, you should be able to back out now; you won't have to demand your deposit, just ask the Agent for a CANCELLATION notice.

When you make an OFFER you should already have a a good idea of the repairs neeeded.
No, you should not do an Inspection until to have a Contract,
Yes, you should have your own Buyer's Agent working for you!

Good luck and may God bless
0 votes Thank Flag Link Sun Jul 22, 2012
Hello, I am glad you are checking on the specifics of the contract. Why are you not working with an agent you can be on your side as the buyer? A realtor who represents you can guide you at every step so you don't feel overwhelmed about what you are doing and if you are doing it correctly!

Regarding your Title Company check, the offer that you made on the contract states that the Earnest Money Deposit check should go to the Title Company within 2 days of the contract execution meaning both you and the seller agreed to the price and terms. Did you request an Option Period? I certainly hope you did because if you did not you could potentially lose the Deposit that you are putting in.
Call me. I want to find out what is on your contract so I can guide you better.
0 votes Thank Flag Link Sun Jul 22, 2012
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