Anyway to get out of an escrow?

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escrowbear_IHB

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We had our house on the market and got an offer. We were going to rent but the situation has changed and we no longer want to sell the house. We entered escrow about a week ago. Is there anything we can do terminate the escrow?
 
<strong>Talk with your broker.</strong>



They should be experienced in these matters. You can make it [realtor all-caps]<strong>VERY DIFFICULT</strong>[/realtor all-caps] to purchase the home and very undesirable for the buyer to follow through with the purchase.



If obstinance doesn't work, you can offer a walkaway price, as well, as another tactic.



The buyer most likely would still have the right to slap you with a lis pendens to try to force the sale, which would go to mediation (and then arbitration if you signed off on page four of the RPA). You are then at the mercy of the arbitrator.



I would advise, though, be careful what you wish for. You might just get it. Make sure it is not a (common) case of seller's remorse. Our friend Mr. 66 Bluecoat would very much like to be in escrow... What changed in your situation?
 
Exactly. Nothing to add.



Sell that sucker. If you think you can get more, you are just being piggy...and it's going to bite you on your...
 
[quote author="IrvineRealtor" date=1211282690]<strong>Talk with your broker.</strong>



They should be experienced in these matters. You can make it [realtor all-caps]<strong>VERY DIFFICULT</strong>[/realtor all-caps] to purchase the home and very undesirable for the buyer to follow through with the purchase. </blockquote>


Get some mold growing ASAP so their inspector finds it. Mold is a sure fire way to kill a deal... It's got to be so easy to kill an escrow.
 
[quote author="ipoplaya" date=1211286067][quote author="IrvineRealtor" date=1211282690]<strong>Talk with your broker.</strong>



They should be experienced in these matters. You can make it [realtor all-caps]<strong>VERY DIFFICULT</strong>[/realtor all-caps] to purchase the home and very undesirable for the buyer to follow through with the purchase. </blockquote>


Get some mold growing ASAP so their inspector finds it. Mold is a sure fire way to kill a deal... It's got to be so easy to kill an escrow.</blockquote>


ROFL! Now that was good. Sure, just culture some mold, it can't be that hard. In fact, I hear IAC does it all the time.
 
Just put a few items in the disclosure: mold, cracked foundation, rats, leaky roof, termites. You real estate pros out there: Can you think of a few more "details" which may need to be disclosed?
 
Just say you are going to declare bankruptcy, and that if they go through with the sale you will drag out the eviction process which can take up to 6+ months?
 
Not trying to get more. Recent death in the family has caused a change of circumstances. So at this point don't really want to go through with the transaction.



Home inspection already occurred and we are waiting for a report from the inspector but at this time we don't expect anything major to come out of it. Also, the disclosures were already filled out when I signed the contract.



My agent doesn't have any creative solutions really. Maybe he wants to get the commission out of me too.
 
Maybe the solution is to sell, but then to rent a big house rather than an apartment. I guess you always explain the situation to the buyers and offer them a walkaway price.
 
[quote author="escrowbear" date=1211321680]

My agent doesn't have any creative solutions really. Maybe he wants to get the commission out of me too.</blockquote><p>





No way! I am sure he just has you and your family's best interest at heart and the commission is a second or third thought.
 
[quote author="escrowbear" date=1211324806]What is an average or typical walkaway price?</blockquote>


If your broker won't help you, ask to speak with the buyers directly. If you're early in the escrow period you should be able to explain your situation, and that there are plenty of other easier fish to catch, (excluding kaycifish) especially right now. Sooner is better than later, as they might not have made moving plans yet.



You can offer to pay for their costs so far, which might include an appraisal, the home inspection, and possibly HOA doc prep.



If it is later, you may have a tougher fight on your hands.



The good news is that your negotiating position is strong.

Request for Repairs? The answer is "No. We will not fix that."

Final walkthrough? The answer is "Between 4:30 and 4:34pm on Friday Rush Hour will be the only time it's available."



If you want to be really nasty about it, and it looks like they are going to plow through you to force the sale, you can turn the tables and ask for your own walkaway price. But that's just plain old mean.



Appeal to their reason first, and second. If that still doesn't work, kick them in the beans, then try reason again.
 
[quote author="Astute Observer" date=1211328989]It is probably too tasteless for this situation, but you can lie to them and tell them the relative died inside the property. For some people, it is a complete turn off.</blockquote>


And probablly illegal.
 
[quote author="no_vaseline" date=1211329182][quote author="Astute Observer" date=1211328989]It is probably too tasteless for this situation, but you can lie to them and tell them the relative died inside the property. For some people, it is a complete turn off.</blockquote>


And probablly illegal.</blockquote>


Don't know about that... how would you prove it? :)



If they haven't done an inspection yet, there are dozens of ways to 'sabotage' the deal. You could create water damage, punch a hole in a pipe behind a wall... do some things with the electrical, etc....



None of this is very ethical, but I don't believe it's 'illegal' to damage your own property.
 
[quote author="fumbling" date=1211334244]what's a walkaway price and what does it do? if the escrow is for say $700,000, would the walkaway price be higher?</blockquote>


"I'll give you $xxx to walk away from the deal." and in return you make sure you get a written release (quid pro quo).
 
[quote author="awgee" date=1211315635]Just put a few items in the disclosure: mold, cracked foundation, rats, leaky roof, termites. You real estate pros out there: Can you think of a few more "details" which may need to be disclosed?</blockquote>


Hurry and find some lead paint then do the living room in it. Some asbestos pipe wrap with a fraying cover. Inspectors love to check out attics with airborne carcinogens... Dead family pets buried in the backyard. Ah, I've got it! Unregistered sex offender in the house next door. No one wants to have their new house do a cameo on the next To Catch A Predator with Chris Hansen... Unstrap your water heater, remove the supports on the gas lines to your furnance, then refuse to do anything about it. Get yourself some radon gas, disperse it in the house, immediately have a radon gas test done, and then disclose the results to the buyer.



IR2 is trying to be nice and professional. No buyouts. You can get out of this...
 
Tell them the house is haunted. Say it with a straight face. Then say "But don't worry, you'll get used to it!"



If it's an Asian couple buying it, consider the deal dead. :)
 
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