Home Selling in Phoenix>Question Details

samlt97, Home Buyer in Phoenix, AZ

hi im curious about a short sale. once ive accepted a offer is it too late to back out??Thanks

Asked by samlt97, Phoenix, AZ Tue Jun 5, 2012

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15
Joyce Hazen’s answer
Once you sign a contract, it's just that, a Contract, and it's binding. You don't explain why you might want to back out, but it's surely worthy of a discussion with your Realtor and Broker to better understand your rights. Good Luck.
0 votes Thank Flag Link Sat Jun 23, 2012
Once you have accepted an offer it is a Contract, backing out should be according to the terms of your contract.

Please reach out to your Realtor representing you and or an attorney.
0 votes Thank Flag Link Wed Jun 6, 2012
The only people who should be offering advice are your agent and your agent's broker.
0 votes Thank Flag Link Tue Jun 5, 2012
Why do you want to back out??? If it's simple sellers remorse and you truly can't afford to stay in the home it's time to move on.
0 votes Thank Flag Link Tue Jun 5, 2012
You will certainly want to discuss this with your agent and your attorney so they can guide you as to the best recommendations for your situation.
0 votes Thank Flag Link Tue Jun 5, 2012
Blunt is ok. People need to hear the straight scoop. However, not knowing all the details, it's hard to say whether anyone can offer a "straight scoop".
Sonny, as the seller, are you now concerned the offer is too low and the bank will not approve and therefore the month + that it takes the bank to say "no" will be wasted time? That would be a valid concern.
0 votes Thank Flag Link Tue Jun 5, 2012
As the seller you will have the right to cancel the contract if the bank does not meet your terms of the contract for a short sale. Since you just accepted the offer then it is more difficult to cancel since the bank hasn't been presented with the offer. The only option is to have your agent talk to the buyers agent and tell them you would like to pull out of the deal and see if the buyer will agree. If they don't agree then you are bound to this contract. It would be easier for us agents to give advice if we knew the circumstances of why you want to cancel. Still the best thing to do is consult your agent on this.
Good luck,
Lorrie
0 votes Thank Flag Link Tue Jun 5, 2012
OK why would you want to cancel the short sale?
Are you going to make any money in the deal?
You have to cut your losses and get on with your life,
The sooner the short sale goes through the sooner you clock starts for your 2 years befor you can buy again.
Sorry for being blunt.
0 votes Thank Flag Link Tue Jun 5, 2012
I am the seller and I just accepted the offer from the buyer yesterday it hasnt even been presented to the bank.
0 votes Thank Flag Link Tue Jun 5, 2012
Sam,

Have you signed the purchase offer? If you have not signed it, then you do not have a valid contract and you absolutely can cancel. However, if you signed the agreement, lines 9-15 of the Short Sale Addendum give you the cancellation options. Let me put it this way... if you were to cancel based on a change in your hardship situation, most buyers would accept that and move on. If you accepted a loan modification, most buyers would accept that and move on. If your reason for wanting to cancel falls along those lines, just have a conversation with the buyers.

If you don't mind sharing, what is your reason for wanting to cancel? Maybe, if you share your reasoning, we can help you to determine whether you are doing the right thing. That is much easier to do than counsel you on how to break a legally binding contract, as that is a legal question that those of us who are not attorneys (all of us) cannot answer.
Flag Wed Jun 6, 2012
Hi Sonny,

The AAR Purchase Agreement's Short Sale Addendum give the buyer the right to unilaterally cancel the contract until the Seller's lender has agreed to the terms of the Purchase Agreement. After that point, however, this contingency is released. However, at that point, all the other Buyer contingencies are in place until their release.

Please call me anytime.

Always in your service,

Michelle Renée Mozell
PO Box 897
Bodega Bay, California 94923
602 292-0753 Cell
480 452-0640 eFax
mmozell@cox.net

HomeSmart, Associate Broker
20860 North Tatum Blvd.
Suite 140
Phoenix, Arizona 85050
480 443-7400 HS Office
480 664-4357 HS Fax

Sonoma Coast Living, Realtor®
DRE License 01879859
575 Highway One
Bodega Bay, California 94923
707 875-2500 SCL Office
707 875-3242 SCL Fax
0 votes Thank Flag Link Tue Jun 5, 2012
Hi Sam,

Presuming that you have a valid AAR Purchase Contract with the accompanying Short Sale Addendum signed by both parties, and you have made no changes to those documents or executed any addenda that would alter the terms of those documents, then I would refer you to lines 9-15 of the Short Sale Addendum. You may find what you seek there.

I suggest you contact an attorney, as any action you take may expose you to substantial legal liability.
0 votes Thank Flag Link Tue Jun 5, 2012
It sounds like you are the seller for this transaction. The short answer is "Yes, it is too late to back out." Why do you want to cancel? Generally, sellers have no "outs" once the contract is accepted.

I am a Certified Short Sale Property Expert. Call me and would be happy to answer questions regarding your specific situation.

Fred Shocklie
602-330-1840
0 votes Thank Flag Link Tue Jun 5, 2012
i am the seller and this entire case hasnt been presented to the bank, plus ive never been late i have a tax issue that has changed my mind plus the leander is willing to work with me on a good refiance situation for me. So Im pretty SOL!!
Flag Tue Jun 5, 2012
I agree, You should seek legal advice, now that you have accepted an offer.
0 votes Thank Flag Link Tue Jun 5, 2012
Hello Sam,

Is it accepted from the Seller or the Bank?

Please call me!

Have a GREAT evening!

Vivien L Biggs PLC
602-615-9137
Prudential Arizona Properties
Check MLS for homes on my website
http://www.realestatecore.com/
0 votes Thank Flag Link Tue Jun 5, 2012
If you accepted an offer and the lender has agreed to the short sale probably.
Either way you need to seek attorney advice when trying to cancel a contract.
0 votes Thank Flag Link Tue Jun 5, 2012
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