8.4. Early Termination
8.4.1. Not Applicable. This Â§ 8.4 shall not apply.
8.4.2. Applicable. Both Buyer and Seller have the right to terminate the Contract by written notice to the other party so long as it is received on or before Short Sale Acceptance. Additionally, Seller has the right to accept subsequent offers from other buyers prior to Short Sale Acceptance without liability to Buyer.
Note: If no box in this Â§ 8.4 is checked, the provisions of Â§ 8.4.2 shall apply.
Hope I was able to assist you in some way.
You may get lucky if the sellers and sellers agent decides to work with you guys, but they are fully within their rights to accept other offers with yours technically being voided.
My suggestion would be to get the short sale addendum in place as quickly as possible with the section voided. And perhaps to fire your agent as they don't seem to know what they are doing, even if you do have a signed agreement with them, this would seem to be plenty of grounds to fire them.
Chuck Strauss, SFR, SRES
Your Castle Real Estate
When trying to buy a short sale I always explain to my buyers to get into a "seige" mentality, because it could take forever to break down those walls.
Perhaps your agent has not done alot of them and wasn't aware of the issues.
If you need something by a certain date, a short sale is never the answer.