Asked by laughlin309, Las Vegas, NV • Tue Jul 29, 2014
Hello, in the middle of buying my first home which like many homes is a short sale. I would like some advice/insight with what is on my contract. I have one line in the contract stating:
"Buyer's right to Cancel. Buyer may cancel the purchase agreement for any reason and without penalty any time after 120 days from acceptance if lender approval has not been received. Upon receipt of Buyer's written cancellation and demand for return of EMD, ESCROW HOLDER is instructed to cancel escrow and return EMD to buyer without any further instruction from the parties. " and on the short sale addendum I have a line stating:
"SHORT SALE TIMELINE CONTINGENCY: In exchange for the seller removing their property from the market, buyer understands that should buyer cancel the transaction for any reason prior to 180 days from acceptance the seller at seller's option may deem the buyers to be in default under this agreement. In that case, buyer understands that the seller shall return buyer's "EMD" a
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