Hello Ward. I am assuming that you signed the short sale addendum that specified that the agreement was contingent upon the bank approving the contract by a certain date (i.e., 2 months from the date of the acceptance). If that's the case, you are theoretically bound to wait until the 2 months are up. If you cancel sooner, your deposit money could be in jeorpardy. If you truly do have second thoughts, I would ask your agent to check with the listing agent to see if the seller would be willing to release you from the contract because the reality is that you'd still have the right to inspect the property and you can cancel the contract any time during the inspection period. With most short sales, the inspection period does not start until bank approval has been obtained because most buyers will not want to spend money on inspections without knowing that the bank approved the contract. If I were the seller, I would rather release you now than wait until the two months are up. The seller really has nothing to gain from making you wait.
Please understand that my answer is based on what happens most commonly in short sale situations. Without having reviewed your contract, I can only go by my experience and the little information that you provided in your question. You really need to take a close look at the terms of your contract and discuss this with your agent. Good luck to you.