I'm in the process of buying a property, and it's now in escrow for 10 days. Can I still back out of the deal if I don't want to purchase the property anymore because of personal reasons?
210376
Previous answer is good advice- consult the closer of the loan.  If you have not closed on the home- meaning have not signed the final paperwork- you can still back out.  Generally in meeting a loans conditions for closing there are several things that depend on your providing them for loan approval- if you have not closed on the property- simply do not provide them and your loan will never be approved.
308005
In most cases the only way for a seller to get out of a contract is due to non-preformance on behalf of the buyer.  Otherwise, mutual agreement would be needed to cancel the sale.\n\nEthical solutions:\n1) Sell to them unless they don't perform\n2) Tell them you reconsidered, and if they don't want to let you off the hook, offer to buy their cancellation\n\nLess than ethical solution:\n1) Falsify disclosure items (i.e. the sewer pipes drain to the backyard, previous owner was murdered in the bedroom by an assailant that was never caught, roof is leaking, etc)
525632
By all means. Yes! however , I wouldn't be asking nor would I be demanding. The best approach is a non-confrontational statement of facts approach that goes something like this: Our lender has sent out his appraiser to your house. The dollar amount they are willing to lend does not provide sufficient funds for us to consummate the purchase of your house at the price we thought we would be able to pay. We still would love to buy your house but to do so we would only be able to pay "X". If this is agreeable to you please let us know ASAP as we will need to continue our house search if it is not.\nOh, by the way someone has removed part of the climbing wall that we had both agreed would remain and I have 3 estimates attached to this letter for what it would cost to put it back in the condition it was in when we reached our agreement. This also needs to be addressed either thru the replacing of the missing portion of the climbing wall or the retention of "X" dollars in escrow to cover the cost. Thank you. We look forward to hearing from you and hope we can work out these details speedily.\n\nDO NOT CLOSE ESCROW UNTIL YOU ARE SATISFIED. Everyone else makes money when you close. The seller, lender, Realtors, title company etc. YOU HAVE THE POWER TO HAVE IT YOUR WAY UNTIL YOU CLOSE ESCROW THEN IT ALL GOES AWAY.
187706
This is a really complex subject for these short forums.\n\n\nThe clock doesn't start until you get a Notice of Default. Regardless of when you made your last payment that starts it. \n\nThere are several details that the lender (actually the trustee) needs to perform. Normally that won't affect you.\nFrom the Notice, you usually have 120 calendar days until the Trustee's Sale. (Sheriffs sale is for something else, similar)\n\nIf the house is still occupied at that point, the new owner can immediately get an eviction. \n\nThe lender has certain rights -- sometimes they can change the locks. Many of those are spelled out in your finance document. \n\nIn California, borrowers have more rights that most other states, including a right to redeem the house after the Trustee's sale. \n\nSometimes the lender can 'forbear' or wait a while, but they do not lose any of their rights and most important, their fees and late charges and trustee charges NEVER stop.\n\nSomething  bad must have happened otherwise you would'nt be in this bind. I am sorry. You can get out of it, even though it will be hard. Please email me. I know someone who may be able to help you, but time is short. You need to change your goal from 'Staying in the house' to 'Getting out with the most money in your pocket.'\n\nBest to you, \nLeigh\nhttp://www.LeighMaynard.com\nReal estate guy since 1986
320745
Contact your real estate broker, they're usually experienced with things like this.\n\nMy understanding is that usually there's a clause in the selling agreement that if the buying party can not full fill the payment required the transaction may be canceled.
360464
It could depend upon whether there are any unsatisfied or unremoved contingencies. If not, so-called equitable title passed to the buyer upon signing a contract of sale and removal of the last contingency, if any. \n\nAlthough legal title doesn't pass until closing, in a sense you have already parted with ownership, and the buyer can compel you to complete the deal, if so inclined, through a lawsuit for specific performance.\n\nDo some fast negotiating and see if you can get out of the sale deal.
672711
If the contract is contingent on selling their current home, they can legally get out of the buying side of the contract (and keep their earnest money) if it does not sell.\n\nBecause their current home is under contract, get your agent to file a unilateral extension that keeps them under contract to the closing date (providing your state's laws allow this as mine does).  \n\nUltimately, it's up to the broker holding the earnest money to decide what happens to it should they back out.  Consult your agent's broker about the situation...you did sign the contract with the contingency, so don't get angry if the broker has a different opinion than you...
206374
Yes, I am a mortgage broker also, you are not committed to him unless this is a purchase and you dont have much time left.
665379
When signing an agreement to list and sell a property, both parties need to adhere to some very strict guidelines.\n\nThe Lister (you) need to be sure to state in writing what you are including in the purchase price and that the property is in mortgage to whatever lender you have. All liens and encumbrances must be stated on the agreement to sell, but need not be printed for consumers to view.\n\nThe seller (agent)  has agreed to list and sell your property for an agreed price set primarily by you. For his services, you agree to pay a certain per centage of the sale price in commission. That being said, the agent has agreed to selling the property at the price listed for the commission states. If he brings offers less then what you have asked for, there is no set commission stated, thus you are now playing a new game of commission on the sales. That can be limited into the writing within the listing documents. It may say the commission is to be a certain percentage of the "sale" price, and not just the listing price.\n\nThreshold rights, are what Realtors term as protection against you selling the property to someone that they have introduced to the property. That means that they need to actually take the person to the listed property and show them the home and what the property consists of. Failure by them (agent) in taking the client through the property and actually showing the entire property illiminates them from any claim on commission "IF" the client comes to you "after" the listing has expired.\n\nIf you cancel the listing prior to the expiry date of said property, you can not turn around and sell it on your own without some form of action by your agent for a share of commission.\n\nMost realtors will tell you that you need to list your property for 90 days, which is not the actual truth. Case in point would be that if you listed your property today for 90 days and it sold tomorrow and the new purchaser moved in right away, then it would not be listed for the remaining 88 days. Thus what they have told you is false, just as the statement you must list that long. My suggestion to anyone when listing a property is to list it for no more then 30 days, that way, if your agent fails to do any action to secure a decent offer, then you can replace him with a new one upon the expiry of the listing. If a realtor comes to you with a claim of an interested party and your property is not listed, then never sign into any listing agreement that surpasses 48 hours.That is ample time to have an agent show the so called prospective buyer your property and secure an offer. Lots of realtors use that line on individuals only to secure listings. Their claim of an interested party is more often then not, a crock.
667699
If I'm correct, until all contingencies have been taken care of, they can and should entertain other offers.  If your financing falls through, or you find another home you like better, the inspections don't come out like you want, etc.  There are a hundred different reasons why YOU would back out, so he's covering his behind.  It's not unusual at all. \n\nIf all of your things are in order, I wouldn't worry about it  :)\n\nGood luck  :)
627724
The earnest money is returned to the buyer as long as the failure to close was due to contingencies included in the Contract to Purchase not being met or removed due to no fault of the buyer. \n\nMake sure you read your REPC(Real Estate Purchase Contract) in detail .\nhttp://www.lendermark.com
614047
You can get a good answer to this from the real estate forum here: http://www.homefindinginfo.com/realestateforum/default.asp\n\nPost your question and an agent who just dealt with this situation will answer it for you.
651631
My husband & I bought a foreclosed home last year.  We actually looked at several.  We chose this house because of its location.  It had been vacant for 2 years, and not well maintained prior to that.  We knew all of this before we made the offer of nearly 25% less than the asking price (which was low for the area to begin with).\n\nThere was some extra paperwork, mostly releasing the bank from any liability for things that did not work.  Nothing worked.  Our offer was accepted within 24 hours, and it still took 6 weeks to close on an unoccupied house with a cash purchase.\n\nWe have been doing renovations since December.  We have been doing them ourselves and have saved tens of thousands of dollars.  Even with all of the work we have still spent less than 1/2 of the curent market value of similar homes in this area.  If we had it to do over, we would.
96854
It doesn't have to be anything special.  I (your name)\ndo hereby withdraw the offer to purchase the property located at (address).\n\nThe problem is you can be sued.  You need to have a good reason to withdraw.  In my case I paid for a home inspection and the guy found a lot wrong with it...the seller agreed to fix everything and was in the process of doing so but i decided there was too much wrong with it so i wrote something to that affect and I was out of the deal.\n\nI did search for a more formal example letter and didn't find one.\n\nyou could try http://www.uslegalforms.com/
74973
Yes, \nIf you want the property, you have to comply with the conditions of owning it.\nNote, I am sure there is a provision of recapture, if you sell or move within the 5 years.\nMeaning you will have to pay a penalty fee of sorts, if you do not comply with the agreement.  There might even be a clause that allows the city to foreclose, if you don't comply, so make sure you understand the conditions of the contract.  \n\nUsually, a deal like this is worth the investment if you follow the provisions of the contract.  Cities don't want investors in such transactions, that is why they put a timeframe of ownership in the contract.
365613
Don't "blink". \n\nWhat you do next depends on whether you used a realtor or not.  \nIf you did, find a house online that's similar to what you want, and call your realtor and ask him/her to show it to you, as if you are presuming that offer is dead.  Let them bring it up if it isn't. \n\nIf you didn't use a realtor, start shopping again, and when five days has expired, send the seller a letter retracting your offer, nothing more.  \n\nIn any event, in ALL FUTURE OFFERS, you should make them expire in a set time. 2 days is good, unless you make the offer on a Friday, give them until Monday since they may be unavailable on weekends, or longer if the realtor informs you they aren't easily reached.
520378
Sorry, you're kind of stuck.  There is no time within which you may cancel.  Your acceptance of the contract was effective as soon as you mailed them the signed document.\n\nSorry.