Here's a link to a copy of the contract that someone has posted on their website:
Once BOTH sides have signed, then NO you can not cancel the contract except for specified contingencies, like getting your mortgage approved or accepting the inspection.
There are two As Is standard contracts in Florida, one approved by only the FL Assn of Realtors (FAR) and another approved by both the FL Bar Assn (BAR) and the FAR.
The FAR/BAR As Is contract normally allow you to cancel for any reason up until the inspection period ends--unless these provisions are overridden with extra terms or an addendum. If your contract is on a Short Sale, your Short Sale addendum will dictate when your inspection period begins. Hopefully it does not "begin" until you get a copy of the short sale approval letter in your hands and it has your name listed as buyer. Then you should have at least 7 days to do inspections and be able to cancel for any reason. If you have not already writter your offer, insist that your agent use this forms so you will not have any "hurdles" to jump over to cancel your contract.
Now, if you're not buying a short sale, you may want to go with a regular contract because it will force the seller to make repairs discovered in your inspection--up to a certain limit.
Good luck and consult with your Realtor and she can help you with understanding the contracts. If you do not have your own Realtor looking out only for your best interests and you are already under contract, you may need to hire an attorney.
Hope this helps.
For more buying and selling tips, please visit http://www.RochesterHomeLocator.com
Salafia Sold Team
Let me know if I can help you with any of your other real estate needs. I am a Realtor in the Orlando area and specialize in short sales, foreclosures, and first time buyers. I'd love to help. LindaSellsOrlando@hotmail.com or on my direct cell at 336-404-8871.
The "As-IS" means the seller is selling their property as-is. This is the norm for todays
market being that there are so Many Short sales and
Bank owned properties.
You as the Buyer can always ask for something to be repaired, but it will not mean the
3rd party lender or the Bank (if property is a REO) will pay for the repairs.
You can be sure the Seller who is doing a Short sale, will not be capable of repairs usually
due to financial hardship.
Another alternative would be to use the FHA203K program. This is a great alternative for
Home buyers to get the home that may not be in perfect condition but has everything else that
meets their criteria. (location, room count, etc)
Hope this helps, great question and good luck.
Asset One Realty, Inc
An "As Is" purchase means that the sellers will not make any repairs or give credit at closing for any repair work that is needed. The house and property sell in the current condition that it is in. It would be in your best interests to have a home inspection performed before you sign a contract so that you are informed of it's condition as not all problems or potential ones are obvious.
Hope this helps.
Prudential Connecticut Realty
You are entitled to a certain amount of days (usually 7-10 days) after all parties have signed the contract to have the property inspected. In the event you are not satisfied with the inspection report and you cannot come to any terms with the seller as to any repairs, you may cancel the contract.
This is your inspection contingency to the contract.
There may also be other contingencies which would allow you to cancel the contract...such as an appraisal contingency, mortgage contingency, insurance contingency, etc.