There is always much more important information then what is shared in these questions. These additional details are quite often the information necessary to provide the most accurate response that applies to your experience.
Our recommendation is to process this thoroughly with your agent prior to considering reviewing it with an attorney.
details+document+lawyer=the best direction
The Eckler Team
STOP FIGHTING THIS AND REALIZE WITH A LITTLE RESEARCH (MLS AND TAXES DUE MONTHS LATER) YOU CAN PUT THIS MESS TOGETHER , ITS CALLED PASS THROUGH I-N-S-U-R-A-N-C-E PREMIUMS FROM OVER COLLATERALIZATION.
OKAY, IN COURT TODAY WE LOSE (FOR NOW ) IN A SHORT SALE OFFER TO A REALTOR WHO BOUGHT THE PROPERTY IN A SINGLE ASSET TRUST WHOS NAME IS THE SAME AS THE PROPERTY ADDRESS.
MY LEVEL HEADED FRIENDS - HOW DO YOU SET UP A TRUST IN THE NAME OF A PROPERTY BEFORE YOU EVEN KNOW YOUR GOING TO WIN THE BID.
WELL AHHHH UMMM AHH OKAY SOOO AHHH WELL OKAYYYYYY UMMMM . . . . .( THEY WILL NEVER BELEIVE IT - A LENDER TELLS ME RECENTLY AFTER A COURT HEARING - "GO AHEAD AND SPREAD THE WORD - YOU KNOW THEY WONT BELEIVE YOU! ")
It depends on your contingencies removal timeframe and if you wrote out the offer on a C.A.R. standart form with a short sale addendum. You should be able to get out of it if the contract allows it. The cancellation has to be done in writing by your agent. Talk to your agent.
Keller Williams Realty Beverly Hills
Not long ago the loss mitigators at Chase told me that most of the time the first buyer backs out. The banks know this happens.
Consult with your agent.
As long as you are still in your contingency period and the contract you had was a standard contract, you should be able to back out of the purchase. I would contact your agent as soon as possible and let them know you wish to cancel the offer so that the seller can find another buyer before their home forecloses.
The Carrabba Group