How long does it take to complete falling out of escrow in CA? Can the realtor list it before it's done?

Question

I made an offer on a property that was advertised as "fell out of escrow!" That was five days ago. My understanding was that once the buyer makes an offer, the seller has 72 hours to reply or counter offer. I was told today that it is still coming out of escrow. But its been listed for two and a half weeks. The real estate guy I'm working with is not the listing agent for the property. Does that make any difference?

Answer 1

I am guessing that the seller is not going to accept your offer formally until he/she is assured that the first offer is dead with certainty. To do so would be a serious legal tangle.

As far as time frames for response are concerned, the seller is not required to respond within a certain time frame, nor is the seller bound in any way to counter your offer. The only time criteria may be in that you indicated that your offer was good for 72 hours from submission. If that time frame is passed, the seller can still accept your offer, but you are no longer bound to take his acceptance unless you want to.

And, yes, the seller can relist the home immediately in an attempt to quickly procure another buyer for the property.

Answer 2

Sounds to me like there is some kind of communication breakdown. Perhaps your agent, or the sellers agent is not doing their job. Once the escrow account is cancelled, the home is back on the market and should be treated as any other home. You need to ask your agent to get the specifics as to what is going on. The 72 hours is a general rule, but the two agents should be in touch so everyone knows what is going on.
If this is a short sale, or forclosure it could take much longer to get a response or an acceptance. You have to wait for the bank then.
By the way, you usually do not want to use the same agent as the seller, because they are less likely to have your best interests in mind.

Answer 3

From the sounds of it, they are trying to save the escrow from falling through. Usually at the last moment, banks request additional info or funds from the buyer which delay escrow from closing so the selling agents starts to look for back-ups, which is what you are. A back-up. And yes you are correct about the 72 hour notice. If you really want the house, stay on top of the agent and follow up every day. Or you can be smart about it and make another offer for less money since they made you wait for so long.

Answer 4

Basically the seller is under contract with another buyer and it seems like the deal is dead. However, they have to formally release the contract. The seller's agent has to give the buyer's agent a notice to perform. Once the contract is dead, then the seller can enter into another contract with a new buyer (which is you). Actually you want to make sure the contract is dead before entering into contract with the seller anyways.

In regards to the 72 hours, it all depends on how much time you gave the seller in the purchase offer. There is no set time frame.

Regards

Answer 5

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