Home Selling in Jacksonville>Question Details

sbrock25, Renter in Saint Augustine, FL

As the seller in a short sale due to job relocation is it possible to back out of the short sale after signing contract with potential buyer.

Asked by sbrock25, Saint Augustine, FL Fri Jul 19, 2013

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The easiest way, call your lender and tell them the situation, they will decline the short sale.
You're done.
1 vote Thank Flag Link Mon Jul 22, 2013
Check with a real estate attorney AND with your lender....you NEVER know.

Thank you for your question.....

Donna Delegal
"The Real Estate Lady"
Oceanside Real Estate
(904) 732-PACK 732-7225
0 votes Thank Flag Link Fri Jul 19, 2013
Real estate agents can NOT give you legal advice. I recommend you discuss this with your listing agent and see if you can work something out. If you are unable to work something out I then highly recommend you consult with an attorney.
0 votes Thank Flag Link Fri Jul 19, 2013
Read paragraph 3 of your Short Sale Addendum. That should help. :) Then consult your RE Attorney.
0 votes Thank Flag Link Fri Jul 19, 2013
I have been offered the opportunity to return to prior place of employment therefore, can remain in the home (mortgage payments are current)
0 votes Thank Flag Link Fri Jul 19, 2013
You can back out any time you want IF you intend on keeping your home & working out a payment plan with them. However, if you're back out for other reasons, then you should consult your Realtor and attorney before doing so.
0 votes Thank Flag Link Fri Jul 19, 2013
Why would you want to back out of a short sale? Hopefully, you are getting off the hook for the deficiency, protecting your credit, and possibly getting some money for relocation.

Regardless, you would need to consult an attorney, to see if your contract allows you the possibility to back out. It depends how the contract is written.

Feel free to call with any questions.

Eli Givoni, Director
Short Sale Department, LLC

MARS Disclosure for General Commercial Communications
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
0 votes Thank Flag Link Fri Jul 19, 2013
We would suggest you consult an attorney before attempting to back out of any contract. However, you might be able to work out an amicable termination to the contract by discussing the options with your broker and the buyer's broker. We have heard of parties being bought out so perhaps the buyers would be willing to allow the termination for a fee.
0 votes Thank Flag Link Fri Jul 19, 2013
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