Sunday, January 20, 2008

Canceling an Escrow

So, your selling your home and you've gotten to the end of the escrow and you're expecting to hear you've closed escrow. But, instead you get a call that the buyer cannot close escrow for another week. Do you have any recourse? Well, it depends. Do you have another offer from a buyer you'd rather take? If not, it might be in your best interest to work with your current buyer and eventually get the escrow closed. On the other hand, if you feel confident in another offer, you must first give your first buyer sufficient notice that you intend to cancel the contract unless they close the escrow. Your Realtor can help you with a form that will do just that.

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