Asked by Scbmbb, Ewing, NJ • Wed Sep 16, 2009
My husband and I signed a contract on a short sale which was absent of any addendums in mid-August. Our agent told us that the addendums would be forthcoming and our attorney review period would begin after everything was signed by both parties. After a few weeks, our agent came back to us and said there was no telling when or if the addendums would arrive and we should proceed without them. We agreed and she sent an email to the listing agent, stating that the attorney review period could begin the next day with the inspection period to follow. We ordered our engineering inspection and asked to cancel our contract upon receiving these results. This was all done within the time frames allowed within our contract. However, the seller has refused to sign the cancellation which means we can't get our earnest deposit out of escrow. Since this is a short sale, what happens if the house doesn't get a contract and goes into foreclosure? Do we have any recourse other than small claims court?
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