it was suppose to be a 15 day escrow that both buyer and seller agreed on.. it is now 28 days escrow.. can i backout and get my deposit back?
2007-06-02 12:45:52 · 8 answers · asked by cj 1 in Business & Finance ➔ Renting & Real Estate
they arent able to close, because they are apartment to cond conversions and there are probles with zoning and title is what im being told
2007-06-02 13:46:50 · update #1
i am the buyer and am allready preapproved
2007-06-02 13:48:07 · update #2
deposit is with escrow company
2007-06-02 13:48:58 · update #3
they cant make me get a loan
2007-06-02 14:38:48 · update #4
Okay my first question is why cant the sellers close? You are the one showing up with the money... they show up with the pens.
Were you able to close during the time of the contract? If you were and the sellers werent, I dont see how they could keep any of your money. I just hope you gave the money to a real estate company or trust company to hold it instead of the sellers.
If you are past time the contract is over, but read your contract carefully and maybe seek legal advice. But I see no reason you cant walk and keep your money.
2007-06-02 12:52:04 · answer #1 · answered by financing_loans 6 · 1⤊ 0⤋
If the contract specified closing on or before a certain date, any party unable to close by that date has breached the contract. The is usually grounds for the other party to withdraw from the contract without penalty. Without seeing that actual contract, I con only advise you to have it reviewed by an attorney, or at least a Realtor. The location of the condo also matters. Laws do vary by state and perhaps local area.
2007-06-02 20:45:43 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
That is why it's best to only work with buyers who have preapproval before signing. All terms of the contract are enforceable. But not cheap.
Definitely contact the company handling the paperwork directly. And read your contract carefully before calling and get them to read specific areas to you versus just taking "their word for it."
2007-06-02 19:53:16 · answer #3 · answered by Anonymous · 0⤊ 1⤋
Contacts are not just "over" because one party is out of compliance. The contract may be "voidable" but both parties or a judge must agree. Talk to the agent representing you or get a lawyers opinion.
2007-06-02 20:10:11 · answer #4 · answered by The Real Estate Guy 1 · 1⤊ 0⤋
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2007-06-05 03:21:36 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Probably yes. Read your agreement. If you are really worried, it will probably only cost you 100 bucks or so to have a lawyer read your agreement, and draft a letter that you are backing out of the deal.
2007-06-02 19:48:37 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Yes, you can...that is a viable reason to back out of escrow, and you can get your full deposit back.
2007-06-03 12:24:07 · answer #7 · answered by ValentineP 4 · 0⤊ 0⤋
"Said" won't cut it, but if it's written into the contract, you probably can back out if they can't or didn't meet the requirements.
2007-06-02 20:01:29 · answer #8 · answered by Judy 7 · 1⤊ 0⤋