Asked by Kristie Spurlock, 98168 • Fri Jul 27, 2012
Our mortgage is underwater so we decided to sell our property a few months ago. We got a few offer so we picked one and sent it to our bank through our agent. We received a letter last Tuesday stating that our short sell has been approved. We now decided to keep our property and cancel the short sell. Is it possible? We have spoken to an attorney and he said we can cancel it as long as we haven't signed NMLS form 90-SS or the bank approval document. And according to form 22-SS that we signed when we listed our property, â€œthis agreement is contingent upon seller obtaining written consent from seller's creditor for the short sell and seller acceptance of any condition imposed by seller creditorâ€. So if we don't agree with lender conditions can we cancel the short sell contract. Our agent is not happy to hear this and said the buyer can sue us but an attorney said we should be fine. Who is correct? Can we be sued by the buyer, buyer agent, and/or our agent?
Real Estate in Seattle
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