Can a seller cancel a Short Sale Contract after the bank accepts the offer but do not releases the seller of a judgement and wont give seller a 1099?

Asked by Ar32818, Ocoee, FL Sun Oct 17, 2010

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John Bennett, Agent, Orlando, FL
Mon Oct 18, 2010
Ar, best you ask your question to a Real Estate Attorney. I know several in the area (I work your area)

and If you need an attorney, I will be happy to recomend a good fair one.

John

352- 978-4539
0 votes
Alma Kee, Agent, Tampa, FL
Sun Oct 17, 2010
It depends on the way your contract is written. Even if your contract doesn't allow the Seller to cancel, good luck getting the Seller to sign up for closing.

If you truly want the house and are willing to wait a few more months to close, you may want to suggest to your Realtor to tell the listing agent to recommend to the Seller to move into the house to make it his "primary residence" and then do a HAFA short sale. On a HAFA short sale the seller is forgiven any loss and because it is the primary residence it will get an exemption when the form 1099 reports the amount forgiven. Additionally if the Seller qualifies for a HAFA short sale he will get $3k at closing as an incentive. Seller must be current with HOA and must be living in the house (there are certain exception to occupancy, though).

Hope this helps.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sun Oct 17, 2010
For an accurate answer, it's best to consult with an attorney who specializes in real estate--consider a consultation, have all related documentation reviewed and go from there.
0 votes
Edyta Gryc, Agent, Naperville, IL
Sun Oct 17, 2010
From my experience -yes. I had banks accepting the offers, but asking the seller for the promissory note for the difference. Seller refused. You can also seek legal advice.
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