Please understand that my answer is based on what happens most commonly in short sale situations. Without having reviewed your contract, I can only go by my experience and the little information that you provided in your question. You really need to take a close look at the terms of your contract and discuss this with your agent. Good luck to you.
See Jim Wasserman's article in yesterdays Bee:
I do a lot of short sales as a listing agent and one of the things that I find is that lenders take so long to approve them, prices can drop (sometimes several times!) before the lender approves the short sale.
I don't even advise opening escrow and depositing the check until we have lender approval. (I do not advise the seller to sign the contract, which allows us to keep accepting offers too.)
Have your agent call the listing agent. Chances are you'll be fine.
If the offer has been acepted you can send a Cancellation Of Contract, Release Of Deposit And Joint Escrow Instructions(C.A.R. Form CC, 4/06)
If you have more questions please talk to your Realtor, or email me.
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