Profile picture for david arias

In a short sale/ security deposit

if buyer cancel offer after bank have accepted it, but from the date the bank accepted it is not being 17 days yet do I have the right to get my deposit back in full, ( the original offer was made almost 3 mth ego) reason to cancel value of property have decries to much according to zillow. for your attention and response to this thank you.
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April 01 2010 - Whittier
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Answers (5)

Your deposit is protected if it's written into the puchase contract, in that exact context.

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April 03 2010
Take a look at your original earnest money agreement and identify what date you put down for a performance. If the three months you've waited is outside of the agreed performance date then it would be possible to back out of the sale. Typically earnest money is not deposited until bank acceptance though. If after bank acceptance you then wrote the check for earnest money then that act in itself is acceptance of the terms. If you really want out don't base it on zestimates base it on appraisals and wait for the inspection period where you will have the right to back out.
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April 03 2010
Profile picture for wetdawgs
A Zestimate should never be used for a decision of this nature.  An appraisal maybe, resulting in inability to get financing, but not a Zestimate.



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April 01 2010
It depends how the contract/short sale addendum is written. Clarify this with your agent or a RE attorney.

I can't think of any circumstances where a Zillow estimate/zestimate would let you out of a contract. It is not an appraisal.
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April 01 2010
the value going down "according to Zillow" is not a valid cancellation out of a purchase contract.

If you didn't remove your appraisal contingency, and the home value is not worth what you offered on it, it can be a valid reason for cancelling.

Unless the home is above $800k in Whittier, it's hard to imagine the REAL value going down that much in 3 months. Zillow may be using a recent closing that may have been an all-cash purchase or something abnormal. Abnormalities are usually not included in an appraiser's comparables.
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April 01 2010
 
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