A Buyer and Seller sign a Short Sale Purchase Agreement with an Addendum, buyer may cancel for any reason

Asked by Michael Borowske, Punta Gorda, FL Thu May 7, 2009

without penalty. Considering this out and since the bank can take months to approve the Contract can a buyer sign more than one contract at one time and then cancel the second one as soon as the bank approves one or the other?

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Tim Cahill, , Arlington, MA
Fri Jun 19, 2009
Hi Michael,

When in doubt, call a lawyer! If you are working with a buyer's agent, they should have a local in-house counsel they can contact regarding this issue. It's best to get solid legal advice before you find yourself with more than one home!

Good luck!

--Tim Cahill
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Danielle Sha…, Agent, Cape Coral, FL
Sun May 10, 2009
Michael,

Depending on how the contract is worded, yes. Short sales do take a bit of time to receive a response from the bank unless you're lucky enough to find something with a bank approved price.

If you've already been working with a Realtor, make sure to have them go over all of the contracts with you and explain things clearly. You may also want to contact a local real estate attorney if you're still not feeling comfortable with things.

If I can be of any help don't hesitate to contact me. Hope you've had a great weekend!

Danielle Sharp
Broker Assoc
Vadala Realty

Direct 239.471.2102
Cell 248.207.4445
sharphomes@yahoo.com
Web Reference:  http://www.daniellesharp.com
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