Can a Pasadena home escrow be cancelled by seller?
An interesting question was just posed on Trulia. A home buyer was told by her real estate agent that the realtor representing the home seller was going to cancel escrow since loan and appraisal contingencies were not released. The question was – can the seller cancel the escrow? Absolutely! When you make an offer to buy a Pasadena home or any California property, your realtor will discuss with you the three main contingencies of the home purchase. These contingencies are: • Loan Approval Contingency: A home buyer can back out of the escrow and NOT lose their earnest money deposit if that home buyer can not qualify for a home loan within the contingency time period. • Appraisal Contingency: A home buyer can cancel the escrow if the home doesn’t appraise to the full purchase price offered. • Home inspection: A home buyer has an opportunity to hire a home inspector to check the property condition. Don’t forget that sewer inspection! If the inspector finds issues that the home buyer was n
