Your buyer finds a home they are interested in and it is listed as being contingent upon 3rd party approval of the contract or contingent upon the lender accepting a short sale. The buyer submits an offer and the seller accepts the buyers offer. The executed contract is sent to the lender for approval. The lender after many days or weeks informs the seller or the agent assisting the seller that the agreed upon amount is not sufficient.
Your buyer is not interested in pursuing this home any further and asks for an immediate release of their escrow deposit. Here is where it gets confusing for some agents. In order for the buyer to receive their escrow deposit back they must get the owner of the home to sign a cancellation of contract and release of escrow form which the buyer will also sign.
Without the mutually signed agreement most Brokers will not release the escrow deposit to either party.
Just remember, if a buyer and seller have both agreed on terms in writing, this is a binding contract. Most contracts have some type of contingency but it is still a contract nonetheless.
Related Florida real estate views:
Real estate agents would be wise to pick short sales over long sales.
Battle of the short sale: Just say no
Short sales may be an option to some homeowners
- Greg Staker - Watson Realty Corp. - 407-304-0255
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