Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Please help! We have an approved short sale here, and we are the buyers. Only after we opened escrow, did the seller add they wanted to rent back from us. And we did not want to get into trouble because they showed no sign of wanting to leave in near future. So now the seller is basically not cooperating and we would like to cancel the deal. We have not yet reached the 17 day contingency removal time.
Obviously, the seller is the one intending the breach the contract but the question is, how can we safely get our earnest money back safely? Thanks in advance!
You need to read your contract to find out your cancellation options. Ask your agent if you are working with one. If still confused, then consult with an attorney.
Normally, you would submit a cancellation notice based on an allowable contingency, such as inspection to the title company (or attorney depending on state) and request return of earnest money.
But the fact is: it is the seller who asked for rent-back which was not in the original contract. That really had nothing to do with inspection or loan contingency. Please help!
Nope, we did not agree and they stopped cooperating with the sale and wanted to sell to others. The other pressing issue is when we do the cancellation, we notice we needed to have the sellers' signatures to release the fund from the escrow. If we state the fact they intend to breach the sale by not cooperating, I am really worried about the release of fund part. What if they just would not sign and is there going to be anyway we can get our deposit back soon? Any advice?
As mentioned, without knowing exactly what your contract says no one is going to really be able to answer your question. Do you have an attorney or real estate agent working with you on this?
Again, read your contract about your contingency and cancellation options. For example, if you have an inspection contingency, usually you can cancel for any reason during inspection period and request earnest money back. Again, you should consult with your agent if you have one, or review with an attorney.
Many contracts have several outs for any buyer where you get your entire Earnest Money back. Your agent should be able to guide you.
If the seller wants to deal with other buyers they should be willing to sign your documents to let you go.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
