Comments on: Can a Pasadena home escrow be cancelled by seller? http://www.irina4realestate.com/can-a-pasadena-home-escrow-be-cancelled-by-seller/ Pasadena Real Estate and Housing Website Mon, 13 Jun 2011 06:19:15 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Irina Netchaev http://www.irina4realestate.com/can-a-pasadena-home-escrow-be-cancelled-by-seller/comment-page-1/#comment-273 Irina Netchaev Tue, 17 Aug 2010 04:16:48 +0000 http://irina4realestate.com/?p=428#comment-273 Hi Tanisha, I am not an attorney and can not give legal advice, so this response is based on what we standardly see in the escrow process. Usually when you buy a home, a buyer has a certain # of days to what we call "release contingencies". This means that within that # of days, anywhere between 10 to 17 days depending on the contract, the buyer works with their lender to ensure that the home appraises for the sales price, the buyer is fully approved for a loan and the buyer has no issues with the physical inspection. Should the property not appraise, the buyer can back out within their contingency period and get the earnest money deposit back or try to renegotiate the sales price with the seller. There are no verbal agreements in a real estate transaction. EVERYTHING has to be in WRITING! Verbal does not count. An escrow company would require signatures from both the buyer and the seller to cancel escrow. It can not be one sided. It sounds like there might be a little more to the story. My recommendation is that you get a hold of your real estate agent and sit down to discuss so that you can fully understand the situation. I hope this helps, Irina Hi Tanisha,

I am not an attorney and can not give legal advice, so this response is based on what we standardly see in the escrow process.

Usually when you buy a home, a buyer has a certain # of days to what we call “release contingencies”. This means that within that # of days, anywhere between 10 to 17 days depending on the contract, the buyer works with their lender to ensure that the home appraises for the sales price, the buyer is fully approved for a loan and the buyer has no issues with the physical inspection.

Should the property not appraise, the buyer can back out within their contingency period and get the earnest money deposit back or try to renegotiate the sales price with the seller.

There are no verbal agreements in a real estate transaction. EVERYTHING has to be in WRITING! Verbal does not count.

An escrow company would require signatures from both the buyer and the seller to cancel escrow. It can not be one sided.

It sounds like there might be a little more to the story. My recommendation is that you get a hold of your real estate agent and sit down to discuss so that you can fully understand the situation.

I hope this helps,
Irina

]]> By: tanisha walker http://www.irina4realestate.com/can-a-pasadena-home-escrow-be-cancelled-by-seller/comment-page-1/#comment-272 tanisha walker Mon, 16 Aug 2010 16:33:09 +0000 http://irina4realestate.com/?p=428#comment-272 Is there a time limit on keeping a escrow open in California? Can it got doormat or be cancel without both parties signing off on the cancellation? My seller is trying to back out of our deal they accepted the offer at 300k and signed a contract prior to appraisal but appraisal came back at 270k,,, I signed the addendum then my agent and banking institute both got a verbal from the sellers agent/brker that they agreed to the amended pricing so we proceed and turned in the loan package to get a call 2 weeks later from agent/brker that they have a 2nd buyer willing to over pay for the property so now they want to cancel our deal. I feel dubbed, they relisted property on MLS and had a open house while we were in escrow and now refuse to even refund my out of pocket expenses IE: appraisal inspection, movers, advertising additional rent costs etc... What can i do? Do i have any recourse here? Is there a time limit on keeping a escrow open in California? Can it got doormat or be cancel without both parties signing off on the cancellation? My seller is trying to back out of our deal they accepted the offer at 300k and signed a contract prior to appraisal but appraisal came back at 270k,,, I signed the addendum then my agent and banking institute both got a verbal from the sellers agent/brker that they agreed to the amended pricing so we proceed and turned in the loan package to get a call 2 weeks later from agent/brker that they have a 2nd buyer willing to over pay for the property so now they want to cancel our deal. I feel dubbed, they relisted property on MLS and had a open house while we were in escrow and now refuse to even refund my out of pocket expenses IE: appraisal inspection, movers, advertising additional rent costs etc… What can i do? Do i have any recourse here?

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