Results 1 to 5 of 5
  1. #1
    Join Date
    Dec 2008
    Location
    Fresno, Ca.
    Posts
    4

    Default Getting Out of Offer in California - 3 Day Rule

    question: In California can I legally cancel my offer and get my earnist money returned in full if I provide proper notice within 3 days of the offer being accepted?

    Other: I am looking at this home and it is bank owned. If I put a contingency clause on it of house inspection, it wont make it. If I pay the $250 now for the inspection, and the bank accepts someones offer on tuesday, Im out $250 for the inspection.

    If I submit my offer, and they accept it..........do I have the 3 days to get an inspector in the home to look at it. If its got major problems, I can back out?


    Thank You

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Getting Out of Offer in California - 3 Day Rule

    If you want a contingency in the contract that could allow you to cancel the deal, negotiate and include the contingency.

  3. #3
    Join Date
    Mar 2009
    Posts
    327

    Default Re: Getting Out of Offer in California - 3 Day Rule

    You can add any contingency you want into the offer. The seller will either say yes or no. Most likely a Bank REO will be sold "as-is."

    I always add the following:

    1. Contingent upon acceptable financing. (Not just any financing, but at terms I agree to)
    2. Contingent upon partner approval. (This could be a wife, brother, etc.)
    3. Contingent upon approved home inspection.

  4. #4
    Join Date
    Dec 2008
    Location
    Fresno, Ca.
    Posts
    4

    Default Re: Getting Out of Offer in California - 3 Day Rule

    Thank you, i included an inspection contingency.

  5. #5
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Getting Out of Offer in California - 3 Day Rule

    Quote Quoting SoltisGlass
    View Post
    Thank you, i included an inspection contingency.
    but what that contingency includes can make a great deal of difference. If it simply states that an inspection must be performed, then once the inspection is performed, the contingency has been fulfilled.

    If you did not include some verbiage that would allow you particular actions if you or some other specified person to take if the inspection was not up to your listed standards, then an inspection contingency is basically worthless.

    1. Sponsored Links
       

Similar Threads

  1. Security Deposits: California Supreme Court Decision Re 21-Day Rule
    By mike1127 in forum Landlord-Tenant Law
    Replies: 10
    Last Post: 05-05-2011, 04:11 PM
  2. California Court Rule 4.210(B) Clause 2
    By jacklikesit in forum Moving Violations, Parking and Traffic Tickets
    Replies: 3
    Last Post: 01-14-2010, 07:04 PM
  3. Speeding Tickets: Prima Facia Speeding Ticket in California and 85th Percentile Rule
    By frohagen in forum Moving Violations, Parking and Traffic Tickets
    Replies: 4
    Last Post: 03-09-2009, 08:57 AM
  4. Purchase offer in California
    By tmd50 in forum Buying, Selling and Conveying Real Estate
    Replies: 1
    Last Post: 11-20-2006, 08:34 AM
  5. Expungement and the Seven-Year-Rule in California
    By One of the Guys in forum Employment and Labor
    Replies: 5
    Last Post: 03-30-2006, 05:12 PM
 
 
Sponsored Links

Legal Help, Information and Resources