It depends on the language of your offer. For example, if your offer to seller is contingent upon something certain happening (like the lender accepting the lower UPB) then you ought tp be able to worm out of your contract with no issue and expect return of your earnest money deposit.
There are probably LOTS of contingencies built into your offer, depending of whether they are standard NAR-type forms or something you drafted yourself.
Send a formal rescission of your offer asap, if that’s what you really want to do.
Alternatively, is there enough juice in your offer to assign it, if accepted by SS lender, to another investor for $$ ?
Hi,
I placed a cash offer contract that was accepted by the buyer but subject to
lender approval of the short sale. In other words, buyers accepting the contract
almost means nothing because the bank have not yet looked at or considered
my offer. The banks says it will be 2 months before they will even LOOK at my
offer. Meanwhile, I have found even a better deal, so can I then withdraw my
contract and get the deposit?
Re: Canceling the contract on short sale - Posted by Natalie-VA
Posted by Natalie-VA on March 11, 2010 at 17:03:19:
Depending on the language in your contract, you may not get your deposit back. Hopefully you put some sort of close date or contingency removal date that has expired and allows you to walk.
Walkin’ Buyer rarely sued - Posted by John Merchant
Posted by John Merchant on March 10, 2010 at 13:04:43:
As a study of the law books in any state quickly reveal, a “walkin’ buyer” who takes a hike and won’t close his purchase agreement is rarely sued for “specific performance” and even more rarely is found liable to that seller.
Whereas a sluggish Seller being made to perform and close his sale as agreed is quite common so it’s obvious that the law is not on his side.