What is the procedure for a seller to cancel escrow?
I am currenly in Escrow, trying to sell my home. However, I have a horrible agent and the buyers are not taking any action. It's been a week and a half and nothing has happend (we're in a 20 day escrow). We don't even have a prequal letter or anything... I already signed a "Buyer's to Perfom" letter giving the buyers 72 hours to remove the contingencies. However, my horrible agent is telling me that it doesn't matter and these buyers could have us in Escrow as long as they want. I need help, my husband and I are sick of it all and want to cancel Escrow and not even sell our home anymore because of all the headaches. Someone please help us. We need to go above our agent's head and try to cancel escrow!! Is there any way for this to happen and if so, what's the procedure?
Asked By: Tiare81 - 2/21/2007
Best Answer - Chosen by Asker
I can feel your pain. Apparently your agent did not put a performance clause in the contract that says the buyers must complete an secure a loan in so many days, like 25-30 the normal time it would take to complete a loan give or take a few days or so... More
Answered By: Skip - 2/21/2007
Additional Answers (1)
I'm a bit confused as to how you know there hasn't been performance on the buyers end. You said there is a 20 day contingency in the contract, if it's true that nothing has been done and it's going to go way past the 20 day deadline, then just forget about it. If it specifically states in your contract, (Buyer to close... More
Answered By: Y? - 2/21/2007
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