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My wife and I are house shopping in Port St Lucie Florida. We put an offer in on a short sale and now like most are sitting and waiting for a response from the bank. We also put a $2,000 deposit down.
If my wife and I wanted to go and look at other homes in Florida and let's say we find one we like and put an offer in and in gets accepted are their ways to get out of the other offer and get our money back?
My wife and I are house shopping in Port St Lucie Florida. We put an offer in on a short sale and now like most are sitting and waiting for a response from the bank. We also put a $2,000 deposit down.
If my wife and I wanted to go and look at other homes in Florida and let's say we find one we like and put an offer in and in gets accepted are their ways to get out of the other offer and get our money back?
That is why they call it a deposit. It prevents them from selling to someone else. If you want out just sacrifice the deposit so they can look for another buyer. Why do you want to screw them around like that, if you didn't want the place you should not have put down a deposit tying up the property. They may have already lost another buyer because of you. If you change your mind and want to back out you lose the $2000.00
I believe the deposit is called earnest money,unfortunately they usually will not refund that money.My mom is a realtor.She said she's never seen that money returned.
That is why they call it a deposit. It prevents them from selling to someone else. If you want out just sacrifice the deposit so they can look for another buyer. Why do you want to screw them around like that, if you didn't want the place you should not have put down a deposit tying up the property. They may have already lost another buyer because of you. If you change your mind and want to back out you lose the $2000.00
I do not want to screw them out of the house. I want the house. But I also don't want to sit through a 6 month wait on the house when I was told the house was bank approved at the asking price and I offered the asking price. Yet I am still waiting.
I was told the house was bank approved at the asking price and I offered the asking price.
See this all the time, approved price doesn't necessarily mean a shorted process.
Escrow (earnest money) can be returned anytime before third party approval for various reasons.
Did you sign a Short Sale Addendum to Purchase and Sale Contract, below is a reprint - section 1 of 5 of the form.
[LEFT]1. Approval of the Lender: This Contract is contingent upon: (a) the Seller’s lender(s) and/or other lien holder(s) (collectively
the “Lender”) approval of the purchase price, terms of the Contract and the HUD-1 settlement statement (b) the Lender’s
agreement to accept a payoff which is less than the balance due on the loan or other indebtedness and (c) the Lender’s
release and satisfaction of the mortgage(s) and/or other lien(s) upon receipt of discounted payoff. If Seller does not deliver
written notice to Buyer that Lender has approved the purchase price and contract terms within ______ days from Effective
Date (“Approval Deadline”) (45 days if left blank), either party may within five (5) days thereafter cancel the Contract by[/LEFT]
delivering written notice to the other.
See this all the time, approved price doesn't necessarily mean a shorted process.
Escrow (earnest money) can be returned anytime before third party approval for various reasons.
Did you sign a Short Sale Addendum to Purchase and Sale Contract, below is a reprint - section 1 of 5 of the form.
[LEFT]1. Approval of the Lender: This Contract is contingent upon: (a) the Seller’s lender(s) and/or other lien holder(s) (collectively
the “Lender”) approval of the purchase price, terms of the Contract and the HUD-1 settlement statement (b) the Lender’s
agreement to accept a payoff which is less than the balance due on the loan or other indebtedness and (c) the Lender’s
release and satisfaction of the mortgage(s) and/or other lien(s) upon receipt of discounted payoff. If Seller does not deliver
written notice to Buyer that Lender has approved the purchase price and contract terms within ______ days from Effective
Date (“Approval Deadline”) (45 days if left blank), either party may within five (5) days thereafter cancel the Contract by[/LEFT]
delivering written notice to the other.
Hope this helps,
Only thing I have signed so far is an offer sheet and initialed a few things on that. Such as having 7 days to get squared away with my bank if offer is accepted and so on.
My wife and I are house shopping in Port St Lucie Florida. We put an offer in on a short sale and now like most are sitting and waiting for a response from the bank. We also put a $2,000 deposit down.
If my wife and I wanted to go and look at other homes in Florida and let's say we find one we like and put an offer in and in gets accepted are their ways to get out of the other offer and get our money back?
It depends on the wording of your contract. Was there an acceptance deadline? Is it contingent on 3rd party approval? Does the contract have a voidance period? You very likely have some outs, and if you want to know what they are read your contract or discuss with your agent. Nobody on this board will know what your contract says.
Only thing I have signed so far is an offer sheet and initialed a few things on that. Such as having 7 days to get squared away with my bank if offer is accepted and so on.
Brandon is right, depends on what your contract says. I'm a bit concerned that it appears you did not use a standard contract and short sale addendum. Did you have your own agent?
Ditto the contract.. it all comes down to what's in writing.
The only legit legal way I know of (because we did it) is our contract lasted through x day of x month, after which it was null and void if nothing had been done. X day came and went and - no word from the bank. So our lawyers put a notice in saying the contract was void and we aren't wasting anymore time. The broker/lawyer can send the money back (if it was cashed) or rip the check up if it hadn't been yet.
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