Q: I am currently in a contract with a Realtor until 3/5/12. However, she is not working out. I would like to cancel her services but I did put an offer on a shortsale about a month ago. That was accepted. I decided to have an inspection early and determined the house has serious issues. I am no longer interested in this property but cannot cancel because I have not reached my 10 day inspection period and I would lose my earnest deposit. With this in mind?.. can I cancel my Realtor even though she initiated this process? Or do I have to wait until I hear back from the bank?
?Justin, Mesa, AZ
A: I believe you may be mistaken about losing your earnest money deposit. Legally, you did not have to make a deposit, only promise one, until the bank has fully accepted the offer. There should have been some Short Sale Advisory notice given to you explaining this.
Even if you did already make the deposit, it can only be held for liquidated damages if it is part of the purchase agreement and all contingencies have been removed you, the bank, and the seller. Otherwise, you may close escrow and have a right to the return of your deposit.
Yes, you may withdraw your offer before reaching the end of any contingency period (inspection). You may make offers on other places with a different agent even if you are still trying to finish up the loose ends on this current offer.
Cancel the offer on the short sale and then cancel your agency relationship with the Realtor. Do not wait to hear back from the bank. It is typically your right to cancel within the terms of your inspection contingency. Review the purchase contract.
I know of a great agent in Mesa,AZ if you are interested. Contact me by clicking below and I can put you in contact with her.
Adam Aguilar is a Realtor? with Reliantra in West Toluca Lake, CA.
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