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Old 09-01-2009, 11:44 AM
 
2 posts, read 6,955 times
Reputation: 13

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I put an offer on a house in June and the seller accepted the offer on 6/12/09. Does anyone know if I cancel my contract will I loose my emd? My realtor did not attach and addendum for the short sale but on the counter offer from the seller it states "Buyer understands this offer is contingent upon bank/lien holders approval". What does this mean? If I decide to canel can I get my EMD back as long as the bank has not approved the short sale? My realtor said I can get my money back since we have not completed the Due diligence?
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Old 09-01-2009, 11:53 AM
 
Location: Las Vegas
930 posts, read 1,818,480 times
Reputation: 702
dont you trust what your realtor has told you? he said you would get your money back, why are you asking this here? you know none of these posters but you do know your realtor. If he has told you something that you dont quite understand, then ask him more questions.
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Old 09-01-2009, 07:35 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,208,368 times
Reputation: 2661
Quote:
Originally Posted by Tina29 View Post
I put an offer on a house in June and the seller accepted the offer on 6/12/09. Does anyone know if I cancel my contract will I loose my emd? My realtor did not attach and addendum for the short sale but on the counter offer from the seller it states "Buyer understands this offer is contingent upon bank/lien holders approval". What does this mean? If I decide to canel can I get my EMD back as long as the bank has not approved the short sale? My realtor said I can get my money back since we have not completed the Due diligence?
YOur money is not at risk but it is possibly tied up. Tell your agent to get you out. He can prepare the paperwork. Mostly the other side will agree. If they don't agree you will eventually get your money but you may need a lawyer to get it.

It is generally not wise to put money or at least a lot of money into a short sale prior to bank approval. The standard GLVAR short sale addendum deals well with the situation.
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Old 09-02-2009, 10:00 AM
 
Location: North Las Vegas
1,631 posts, read 3,952,172 times
Reputation: 768
If I am not mistaken the addendum wasn't available until June 2009, so Tina's agent may not have had that at the time they drew up the offer. It sounds like Tina's agent is on top of it. I agree with GVC 8 Tina needs to speak with her agent.
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Old 09-02-2009, 01:38 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,208,368 times
Reputation: 2661
Quote:
Originally Posted by 007 license to sell View Post
If I am not mistaken the addendum wasn't available until June 2009, so Tina's agent may not have had that at the time they drew up the offer. It sounds like Tina's agent is on top of it. I agree with GVC 8 Tina needs to speak with her agent.

April 2008. Actually avaiable a little later.
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