I'm buying a property, which is now in escrow for 10 days, can I still back out of the deal?
464996
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.
774764
Daizy, \nIt looks to me that what you're saying is this...\n... you refinanced your house and had been given a good faith estimate that at first looked ok to you.  Around closing time, the payment was much higher than you expected.  Probably the interest rate was higher than what the loan officer first calculated.  To get the payment to a point that would "satisfy" you at the closing table, the loan officer reduced the escrow account significantly - resulting in your current shortage.\n\nIf that's it, the words you're looking for are "PREDATORY LENDING".  Contact your state's agency that regulates lenders.  If you're in Texas, call 1-877-276-5550 to file a complaint.  The FBI is also getting after these people.  Call their local office. \n\nI'm proud of you for trying to find the solution to this problem.  Don't give up.\n\nRichard
778734
You had your sellers sign the counter?  That ties the house up.  If you get a better offer, you need to hurry up and withdraw your counter.  If you get another offer that's worth responding to, but not accepting, then you're in a pickle.\n\nI think they'll think on it a while, then sign it.
1172957
What is an Escrow? \n--------------------------------------------------------------------------------\nAn escrow is a deposit of funds, a deed or other instrument by one party for the delivery to another party upon completion of a specific condition or event. It is an independent neutral account by which the interests of all parties to the transaction are protected. \n\nWhen opening an escrow, the buyer and seller of a piece of property establish terms and conditions for the transfer of ownership of that property. These terms and conditions are given to a third, impartial party known as the escrow holder. The escrow holder has the responsibility of seeing that the terms are carried out. \n\nThe escrow is a "storehouse" for all monies, instructions and documents necessary for the sale of your home. This includes the buyer providing funds for a down payment, and the seller depositing the deed and any other necessary papers. \n\nWhy Do I Need an Escrow? \nAn escrow will provide you with a guarantee that no funds or property will change hands until ALL of the terms and conditions have been followed. The escrow holder has the responsibility to watch over the funds and/or documents and then pay out the funds and/or transfer the title only when all requirements of the escrow have been completed. \n\nHow does the Escrow Process Work?\nThe buyer, seller, lender and/or borrower cause escrow instructions to be created, signed and delivered to the escrow officer. The escrow officer will then process the escrow, in accordance with the escrow instructions. When all conditions required in the escrow are met, the escrow is "closed". \n\nPrior to close of escrow, the buyer deposits the funds required with the escrow holder. The buyer instructs the escrow holder to release the money to the seller when: \nThe deed records \nA policy of title insurance will be prepared and delivered to the buyer \nThe escrow holder acts for both parties and protects the interests of each within the power of the escrow instructions. Escrow cannot be completed until the instructions have been fully satisfied and all parties have signed escrow documents. The escrow holder takes instructions based on the terms of the purchase agreement and the lender's requirements.\n\nThe duties of the escrow holder include: \nManaging the funds and/or documents in accordance with instructions \nPaying all bills as authorized \nResponding to requests from the principals \nClosing the escrow only when all terms and conditions have been met \nDistributing the funds accordingly \nHow Do I Open an Escrow?\nGenerally, the buyer or seller's real estate agent will open the escrow. As soon as you complete the purchase agreement, the agent will place the buyer's initial deposit, if any, into the escrow account at a title company or into the real estate broker's account. \n\nWhat Do I Need to Do Before My Appointment to Sign Escrow Papers? \nAll parties signing the documents must bring proper identification. Bring either a valid driver's license, state identification card or current passport with you to the title company. This item is needed to verify your identity by a notary public. This is a routine, but necessary step for your protection. \n\nWhat's the Next Step After I've Signed the Closing Escrow Papers? \nAfter both parties have signed all the necessary instructions and documents, the escrow officer will return the buyer's loan documents to the lender for final review. After the review is completed, the lender is ready to fund the buyer's loan and informs the escrow officer. \n\nHow Long is an Escrow? \nThe length is determined by the terms of the purchase agreement and can range from a few days to several months. \n\nWhat is an "Escrow Closing"? \nAn escrow closing is the climax of the transaction. It signifies legal transfer of title from the seller to the buyer. Generally, the Grant Deed is recorded within one workin
250628
Since they've put the home up for sale, you need to act fast.  Go to the county recorder's office and file a lien against their home, which will come up when the title company starts the escrow proceedings.  You may also want to file a lis pendens, although you may have to file a claim in superior court first.  I'm in California, so I can't be sure of any of this.  It may be worth it to talk to an investigator about how to get all the necessary information on things other than the home.  The investigator can tell you if you need an attorney, or can recommend a paralegal who can help you if you file in pro per.  But you probably do need to file a lawsuit, because much of the assets involved can only be disclosed by a court order (at least here in California), and that means having a judgment, then an Order to Show Cause.  Colorado probably has something similar, but you can't count on the specifics.\n\nIf you don't want to pay for a lawyer, a paralegal or an investigator is essential.  They will tell you if you get in over their heads, and recommend a good, hopefully not too expensive, lawyer.\n\nGood luck, and do move fast!
321369
That's not for any purchase.  I believe its only for any contract that you have signed when someone has come to your house.\n\nits a 3 day "cooling off" period.
932704
Tricky question because there are a lot of "depends". IF you are passed due beyond the contract termination date specified then yes - it's larceny. IF you are passed due but only delinuent, then no as long as the property is returned before the contract termination date. DEPENDS greatly on the state you reside in as well as the attitude of the local prosecuting attorney and law enforcement. DEPENDS on the manager of the branch servicing your contract (you will find most just want the property back and their money - so they will settle fairly quick).
895678
Mike,\n\nIn virtually every Purchase Agreement, there is a liquidated damages clause which states that if you back out of the contract, the seller's ONLY recourse is to keep your deposit.  There is almost a zero chance that he can sue you for anything.  But just to be sure, read the PA.  I can almost guarantee that there will be language that states what I have said above.  Look for the words "liquidated damages" in relation to the deposit.
1125815
Yes it is. You have the option here to sign and return the papers within a reasonable time frame (may or may not be specified in the option) or don't. If you do not, be prepared to move as you will have no legal right to the property one day after your lease expires.
1158451
They should start looking before.\n\nThe seller can include in their P&S (Purchase & Sales Agreement) with the buyer, a contigency that states their contract is dependent upon their ability to find a new home. It usually includes some type of time limit 30-90days is common depending on the buyers ability to be flexible.\n\nIf you are performing a For Sale By Owner, you'll need to study up on this some more in general in regards to purchase and sales agreements, if you are working with a Realtor, they should be able to assist you with this easily.
946640
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.
869032
Usually the closing is within 45 days.  You'll want to put the exact number of days in the contract.  In Kentucky our Realtor contracts say "Closing of this transaction shall occur no sooner than ___ calander days nor later than ___ calander days from the date of acceptance of this contract (acceptance date not included)."  45 days give the buyers time to schedule an apprasail, home inspection, and any other inspections they need to complete.  It also gives the lender plenty of time to turn the appraisal and all other paper work in to the underwriters so everything can be completed and ready to go prior to your closing date.\n\nAlso, in your contract make sure you state how many days the buyer has to complete their inspections and what kind of response times you'll have.  For example, our contracts here in Kentucky say "Within ___ calander days of acceptance of this contract (acceptance date not included) Buyer and/or Buyer's Representatives may inspect the property for any purpose at resonable times at Buyer's expense.  If Buyer requests Seller to make repairs, corrections, or or replacements, Seller shall respond to Buyer's request within ___ calander days from Buyer's written notification to Seller.  If Buyer and Seller cannot agree on which items should be repair, corrected, or replaced, or on payment of same, Buyer has ___ calander days following the Seller's last response to notify the Seller in writing that Buyer either accepts the property "as is" or that Buyer voids this Contract." \n\nThis is a lot of technichal info but it's important to have this in your contract.  I'd be happy to forward you a copy of our contract we use here in Kentucky.  It was written by the Kentucky Real Estate Commission and it's really good.  It covers everything to protect the sellers and the buyers.  Just send me an e-mail (BandHomes@yahoo.com) if you want me to forward that to you.\n\nGood Luck!!!
662555
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.
137213
You will usually take as few as 15 days to as many as 45 days to close from the day you sign the agreement. So ideally you would make offers you expect to be accepted at 45 days from the move in date. You will then raise the offers them and tighten up the closing date as the deadline approaches if you have to move. Remember there is usually a day or two before it funds and you get the keys, or put in the offer you take possesion at closing. Otherwise it is at funding.\n\nYou should start getting comfortable with the market by looking on your own. You probably don't want to tie up your own agent for this long. So call the listing agent when you want to see inside a house. Otherwise just look at the prices and the paper and maybe drive by. Once you are ready to start making real offers within a month then get your agent lined up. You will even have several that you already talked to and you might like.\n\nAnother option is to start making lowball offers in the mean time and see if any get accepted. My wife and I started looking in Jan a few years ago and made offers 15% below the listed price if it was a very reasonable price, and as much as 20-25% if it was inflated for a big sell. (you can use www.zillow.com to help with valuation, but it isnt perfect remember). It took 8 offers (7 rejections) and we moved in in July to a house that was appraised for 10% more than we paid! Just tell your agent what the plan is so she isn't surprised when you don't come up to reasonable offers. You might even consider springing for lunch once in a while since you are really making her work hard.\n\nMake sure you can afford to have the house early if you get it, otherwise you might not want to try that.\n\nGood luck
1006608
Estimates are usually pretty accurate.  A lot of complications can bollix up a real estate closing, but try not to think about it.\n\n(I know; I've gone through 2 in the last 3 years.)\n\nAlthough no transaction is set in stone until escrow closes, the fact that you are this close to the closing date is a good thing.  Keep thinking positively and try to relax.
483499
Yes, contact the seller who is selling the item.\n\nASk him you want to retract your bid. \n\nThe seller has the option to take you off the list.
32877
Well, it really depends on the lender.  They should have locked your rate as soon as they recieved your paperwork, but different offices operate under different methods.  It could be possible your loan officer is holding out for a better rate (and hopefully not holding out for your rate to come BACK).\n\nI would recommend calling your loan officer and getting an update.  When you're within 12 days of close of escrow, you've earned the right to ask questions.  =)\n\nI certainly wouldn't panic, but you should ask him/her for a timetable (different states use different methods for loan doc signing/closing).  It's always best not to toe the line when it comes to closing dates, because things only seem to go wrong when you're low on time.  =)