Profile picture for Craig Levitt

Craig Levitt

Agent

Realtor (13 years experience)

6 Recent Sales (last 12 months)

Specialties:
Buyer's Agent,
Listing Agent,
Foreclosure,
Short-Sale

Advice

  • (3 Contributions,
  • 0 Best Answers,
  • 0 Helpful)

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Short Sale

Answer

In California we have a 17 day contingency period to do all investigations on homes, get a loan approval, read disclosures, and home appraisal. Also, in our contracts is an interest rate clause that states if your interest rate increases above "x" you may be able to cancel the escrow.In terms of cancelling the transaction related to decline in home price this may become an issue with your appraisal. If the appraisal comes in low you can cancel the escrow also if the bank doesn't reduce the initial offer price to the present appraised value.Within the 17 days if an issue comes up with your physical inspection, HOA disclosures or seller's disclosures you may cancel the transaction as well. Just to clarify these are transactions based in California.

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