Question Details

Miami Buyer, Home Buyer in Miami, FL

How easy is it to get off a contract? I have entered a contract on a short sale. There is so far no

Asked by Miami Buyer, Miami, FL Sat Mar 22, 2008

acceptance from the sellers bank. Meanwhile I have seen another house that I like. Can i make an offer on this second house whilst awaiting the first contract to be approved. Its because i am tired of waiting and the banks take for ever to say yes/no. So instead of sitting and waiting I thought if i could enter 2 contracts and take the first one i get a reply from.

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It isn't easy. If there are contingencies in the contract, you can try to "find" something that will qualify to let you out of it.
1 vote Thank Flag Link Sat Mar 22, 2008
It doesn't sound as if you have a contract. You must have acceptance and if there is not bank approval you can with draw your offer to purchase.

I would be very careful about having two offer's out at the same time as you may find yourself buying both. By the way have you used a Short Sale Addrendum which would prevent you for this kind of situation?
1 vote Thank Flag Link Sat Mar 22, 2008
Pam Winterba…, Real Estate Pro in Danville, VA
This is the exact same situation I was in when I withdrew my offer on a short sale. I had given a $10,000 earnest money deposit with my offer. The homeowner accepted my offer and we were waiting for the bank. After 6 weeks, I found another property that interested me. Also, I felt that my original offer on the short sale was too generous with the decreasing market value for the neighborhood. We filed a standard form withdrawl and the title company returned my deposit money within a few days.
About 4 weeks later I got a call from the bank asking if I was still interested in the property. They gave me only hours to respond. Of course, I'd already moved on, so my answer was "no."
0 votes Thank Flag Link Sun Mar 23, 2008
The offer is subject to all contengencies like financing, assessment. I have made an offer to the first seller and his bank has not responded for more than 30 days now. The realtor told me that we would need a deposit and i gave 5000$ to the title company.
But i am still waiting. So theres an offer with some money on the table but no accepted contract. Now I have seen another house where the second realtor says she will get me a reply within a week and i need to deposit 1000$ only. So i put in an offer and i am waiting. If either bank accepts first i will withdraw the offer from the second one. If either bank pays hardball I would again withdraw the offer.

But i grew concerned that if they get back to me on the same day, very unlikely, then what? Anyways i cant cough up downpayment on 2 houses, which I was going to point to when i withdraw the offer, becos both contracts are based on financial contingencies. I know I am going to be a party spoiler but this wait really is taking its toll.

I have to look for a school for my kids, plan my work schedule, and this dragging 4 weeks has been painful.
0 votes Thank Flag Link Sat Mar 22, 2008
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