Sacramento

[kenshin1979]

Help Guys,

My offer has been accepted on a short sale house and I put a money on escrow will i get my money back If I cancel this transaction?

Thanks!!!

[Blueberry]

Did the *bank* approve the short sale, or only the seller? If the bank hasn't yet approved the short sale, your money shouldn't even be in escrow yet. Our realtor took a check for the earnest money deposit, but hasn't cashed it yet since the bank hasn't yet given us a price that we have agreed to. They countered our offer, and we countered back, and we are still waiting to hear on the bank's next move.

Whether or not you get your money back once the money is in escrow depends on why you cancel (e.g., whether it is because of the contingencies in your contract [such as inspection or financing] or if it is just because "you changed your mind").

Talk to your real estate agent to get advice for your own situation.

[Yeahbubby]

I agree with Blue berry, I would like to add:

This has become more common, we are currently in the short sale process. The listing agent/ seller required us to place our earnest money into escrow. I believe this a way of keeping their buyer, because the process can take 3-4 mo to be approve only to then have the buyer walk away. If this the home you love, has all your must have and your willing to wait go for it that what we are doing. Our home is a pre approved short sale two buyer had to walk away for some reason or other.

Hope this helps.

[kenshin1979]

Thanks for the input guys!

JUst got pressure to buy this house I want something else,I was thinking to just wait after 60 days then hoping the bank will counter my offer then I just cancel it.but If I can cancel it now why do it now so I can start looking for the house that I really like.

Thanks again!

[evilmonkeys10]

My understanding and in my experience you will get your money back as long as you DON'T SIGN the inspection form. 

aka the 17 days inspection period

You can also pull out during this period and get your cash back as long as you DID NOT sign the inspection form.