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Short Sale taking forever, earnest money?

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Short Sale taking forever, earnest money?

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I've been waiting about 3 months for the bank approval of a short sale....

The purchase contract which I signed had an expiration on May 30th.

If I were to walk away, would I likely lose my earning money?

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June 23 - Phoenix

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Anna Kulbinski, "Anna K."
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Anna Kulbinski, "Anna K."

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Assuming you are in AZ. Read your contract is there any reference as to cancellation added? Also, read the Short Sale Addendum, Page 1, Line 41: Buyer Cancellation "Buyer may unilaterally cancel this Contract by notice to Seller at any time before receipt of a short sale Agreement Notice from the Seller". Unless, additional verbiage was added to the Contract, that removes the standard language (referring to your ability to cancel), you should be able to cancel and get your earnest deposit back. Even if the bank accepts in the next day or two, you still have your inspection period, in which if you decide the property is not in an acceptable condition, etc., you still should be able to cancel (unless you waived your inspection). Talk to your real estate agent, as he/she should be the one to help you out on this one.

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July 06

Doug S, "harleyhogger"
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Doug S, "harleyhogger"

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It also depends on who is holding your earnest money. If your agent is holding the money you should not have a problem walking away as your agent will return your money. If the sellers agent is holding the earnest money, then you have to, like mentioned previously, officially terminate your interest in the property.

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June 23

Michael Russell, "real estate mike"
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Michael Russell, "real estate mike"

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In my area you would not need an attorney for a simple return of earnest money if the contract has expired. It's a one page document requesting the return of you earnest money from the title company. Your first step if you're done dealing with this property is to communicate with the bank(also in writing?) that you're moving on. Talk to your agent and the title company and let them know what you want to do.

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June 23

jkonstant
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jkonstant

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Without seeing your contract there is no way to know what legal rights you have to walk away without loss. The agent you are dealing with should have clearly explained all the terms and options to you and if there was any uncertainty an attorney should have been advised before signing. At this point you need to ask the realtor andif not satisfied with the answer, consult an attorney.

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June 23

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Short Sale taking forever, earnest money?

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Question when a person puts an offer on a bank-owned home, does the seller (bank) also check their credit?

Question I want to buy a home that has an older addition that never got a permit. What are my options?

Question Buying a short-sale home.

Question if Im buying a house, is there any negative to the appraisal coming in lower than asking price?

Question How can I narrow my search to single story homes? I don't want to see two story homes. Thanks.

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