Home Buying in Los Angeles>Question Details

Amanda, Home Buyer in Los Angeles, CA

Badly need an answer. My brother was pre-qualified for a loan from 200-220k. He already made an offer to a

Asked by Amanda, Los Angeles, CA Mon May 4, 2009

short-sale property . However, he wants to retrieve the offer but he is worried that his 2k earnest deposit will not be refunded. When is the best time for him to retract the offer to ensure that he will still get the 2k deposit? Does he needs to wait whether his offer will be accepted or rejected? His buyer agent is non-cooperative by not responding to his e-mails seeking for advise. Please answer when is the best time to pull out his offer to ensure that he can still get his deposit? Thank you

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Tell him if he wants out to do it before they accept him . He can do it at escrow.
0 votes Thank Flag Link Mon May 4, 2009
Your brother needs to call or go to escrow and sign a cancellation. If you know the seller, they can also go to escrow and sign the cancellation. If the seller agrees to return your deposit the agent can't keep it.

0 votes Thank Flag Link Mon May 4, 2009
Since it sounds like the bank hasn't approved his offer, your brother can rescind his short sale offer anytime he wants. He should have never put down a deposit on a short sale in the first place and he should get rid of his agent as soon as this is resolved. If his agent isn't responding he should go directly to the broker and demand that a "Withdrawal of Offer" be drafted immediately and escrow be contacted to return his commission.

If he needs to talk to someone about it in more detail, he's welcome to call.

Brad Davidson
Web Reference: http://www.wehelpubuy.com
0 votes Thank Flag Link Mon May 4, 2009
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