New Listing - Ellwood Nathaniel home in Beacon Park (157 Newington)
- Thread starter usctrojancpa
- Start date
NEW -> Contingent Buyer Assistance Program
The deposit will be fully refunded to the buyer as we opened escrow on Tuesday.
Fortunately, we had a back-up offer that came in on Friday and that buyer accepted the seller's counter so we'll be opening up escrow with a new buyer on Tuesday.
That?s you, Homie and qwermigo.
I need to switch TO baller.
The buyer has a 17-day general contingency period (unless negotiated with a different period) where they can cancel escrow for basically any reason and get all of their deposit back.
It?s not that easy once it?s in escrow, many people think they?re entitled to the deposit. Even after the contingency periods have passed, if both parties don?t sign the removal of contingency, seller still can?t keep the deposit. Seller can send notice to perform and threaten to cancel escrow or impose penalties, but buyer still needs to sign off. After that and nothing happens, off to the courts, etc. never happened to me, but escrow officer told me this.
Thank you for the kind words, it was definitely a team effort with the seller keeping their home spotless and in show condition for every open house and showing.
That is correct, even if a buyer goes past the agreed upon contingency period that does not mean that they lose any or all of their deposit. That will happen once the contingency removal form is signed off by both sides but even then it's not automatic that the seller will get all of the buyer's deposit. At the end of the day, it'll come down to a negotiation between the buyer and seller as to what part of the deposit, if any, goes to the seller. One thing to keep in mind, you can't open a new escrow until you get a cancellation of contract form signed off by both sides so a deposit dispute will prevent the seller from moving forward with another buyer.
Thank you, I try. haha
usctrojancpa
Well-known member
eyephone said:
The deposit will be fully refunded to the buyer as we opened escrow on Tuesday.
Fortunately, we had a back-up offer that came in on Friday and that buyer accepted the seller's counter so we'll be opening up escrow with a new buyer on Tuesday.
irvinehomeowner
Well-known member
jmoney74 said:
That?s you, Homie and qwermigo.
I need to switch TO baller.
usctrojancpa
Well-known member
Escrow closed earlier this afternoon on the transaction. The sales price of the home is $989,000. Congrats to both the buyer and seller.
usctrojancpa
Well-known member
eyephone said:
The buyer has a 17-day general contingency period (unless negotiated with a different period) where they can cancel escrow for basically any reason and get all of their deposit back.
eyephone said:
It?s not that easy once it?s in escrow, many people think they?re entitled to the deposit. Even after the contingency periods have passed, if both parties don?t sign the removal of contingency, seller still can?t keep the deposit. Seller can send notice to perform and threaten to cancel escrow or impose penalties, but buyer still needs to sign off. After that and nothing happens, off to the courts, etc. never happened to me, but escrow officer told me this.
usctrojancpa
Well-known member
Roger said:
Thank you for the kind words, it was definitely a team effort with the seller keeping their home spotless and in show condition for every open house and showing.
usctrojancpa
Well-known member
AW said:
That is correct, even if a buyer goes past the agreed upon contingency period that does not mean that they lose any or all of their deposit. That will happen once the contingency removal form is signed off by both sides but even then it's not automatic that the seller will get all of the buyer's deposit. At the end of the day, it'll come down to a negotiation between the buyer and seller as to what part of the deposit, if any, goes to the seller. One thing to keep in mind, you can't open a new escrow until you get a cancellation of contract form signed off by both sides so a deposit dispute will prevent the seller from moving forward with another buyer.
usctrojancpa
Well-known member
bones said:USCTrojanCPA said:
Congrats USC (and buyer/seller)! Best agent in the business
Thank you, I try. haha