Can I Withdraw From Purchasing Property? | REALTOR.com? Blogs

Q: I signed a sale and purchase agreement with a condition from the seller stating that they accepted my terms except for one condition which said ?subject to their banks approval in the next four working days.? From my side I have got all finance and info ready but they have not informed me of the bank?s approval. It is past seven working days. I had put a little deposit to the agent?s trust account on the condition that they will inform me of their seller?s banks approval in four days. Can I cancel this agreement now since they hve no met their condition?
?Taz

A: Yes you may cancel. They did not get you the information in time. They are probably having a hard time with their bank and it seems like they are in a short sale situation. If so, this could go on for months. Hope this helps.
Joan Flood is a Realtor? with Dagmer Chew HomeStead Real Estate Co in Cape May, NJ.

A: Dear LA Buyer,

From what you described, yes, you can cancel your offer and get a full refund of your earnest deposit. In fact, your check may not even be cashed yet, so they might be able to simply hand you your check.

Denise
Denise Shur is a Realtor? with 1:1 Realty in San Jose, CA.

A: This question should be answered by your real estate agent and your attorney who knows the situation and the contract details.
Teri Andrews Murch is a Realtor? with Lyon Real Estate in Auburn, CA.

A: Check with a lawyer for specific advice, but it sure sounds to me like you can cancel as you have described the contract terms.
David Welch is a Realtor? with RE/MAX 200 Realty in Winter Park, FL.

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3. Can I Cancel My Contract With A Realtor If I Have An Offer On A House?
4. My Short Sale Offer Failed, Who Is Responsible For Returning My Deposit?
5. An Offer Has Been Signed, Should We Show The House Again Before Closing?

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