I think that the others have answered this pretty well and there's no need for me to repeat what they said. I do hope that for whatever reason you wish to cancel that you may find another home to buy and then make sure that you have both a buyer's agent experienced in short sales as well as an attorney (not as expensive as you might think) to review your contract BEFORE you sign it and help with issues such as this along the way.
Best wishes in finding your new home! Let me know if I can be of help.
Eagle Nationwide Mortgage Co., Thomas.Stevens@ENMCdirect.com
It all depends on the documents you signed in addition to the ccontract you submitted. If you deposited earnest, how long ago and do you have a BUYER'S Agent? Or is this one a short sale with the listing agent as the DUAL agent?
Please email me and I willl help you unless you do have a buyer-agent that is reviewing and watching out for your best interest. Part of what we do is ensure that our buyers know the TIME frames reasonable for waiting on a short sale. Listing agents require 30-45 days minimum many times for a short sale approval to be granted by bank and want to have a buyer COMMIT to that so there is some sticky verbiage.
Have a great day!
CENTURY 21 ALL STAR-CDPE
You definitely need to speak with your agent. For one thing it depends on what your contract says on the timelines. For instance in NC your agent would have had to fill out the paperwork with certain dates for inspections loan applications, settlement dates, and closing dates. So speak with you agent and tell them that you have waited long enough. It is not that unusual considering how long it takes for some short sales to close. Since they cannot convey the home at the agreed upon price that the seller may have signed you should be able to get your escrow money back but you do need to consult with your agent to advise you about KS real estate laws and regulations.
Hope this helps,