Albania Tayl…, Renter in Gilbert, AZ

I have a short sale \. I'm the seller and have accepted an offer. It has been 2 months and the bank has made a ruling yet. I want to back out of

Asked by Albania Taylor, Gilbert, AZ Wed Aug 15, 2012

the sale is that possible or is it to late?? Any help would be greatly appreciated.

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8
The Urban Te…, Agent, Phoenix, AZ
Wed Aug 15, 2012
This is a question for your realtor, his/her broker or your real estate attorney ONLY. Don't listen to people who are not a party to your contract.
2 votes
Holly Brink, Agent, Phoenix, AZ
Wed Aug 15, 2012
Albania, I would discuss this with your agent and maybe consult legal counsel. Good luck!
1 vote
Carol Jacobs…, Agent, PHOENIX, AZ
Tue Aug 21, 2012
I would contact the bank they can deny the short sale. i would see if they would be willing to do this. The agents wont be happy I assure you but you must do what is best for you. I wish you luck.
0 votes
Brenda & Ron…, Agent, Mesa, AZ
Wed Aug 15, 2012
Albania,

Not knowing how your contract was written will make it difficult really help. Check with your agent, and with any legal issues you should check with a Real Estate Attorney.

If you have signed a contract then Buyer and Seller have agreed to terms in writing. The Contract is contingent upon the seller's lender approving the short sale. If you do not agree to the terms that the bank is willing to do, such as if they don't release you from the liability, then you can choose to not agree to those terms. Some banks will release the lein so that you can sell the home, but do not release you from the liability. This term could be one that could get you out of the contract. But if the bank may agree to everything. You should check with a Real Estate Attorney to see what options you have.

Best Regards,

Brenda

Ron & Brenda Cunningham
West USA Realty
602-980-3133

** Recognized in the Phoenix Business Journal as "One of the Top 50 Realtors in the Valley" **
0 votes
Carlos Ramir…, Agent, Mesa, AZ
Wed Aug 15, 2012
It depends on many factors and nobody here will be able to give you a complete answer. I would suggest you discuss this with your agent. The purchase contract is one thing, and that may determine your right to cancel with the buyer. But there is also your listing agreement, and if your agent has performed his duties he may (or may not) be fully entitled to his compensation. Again, none of us can give you a real answer here. You need to discuss this with your agent.
0 votes
Sonny Shriva…, Agent, Surprise, AZ
Wed Aug 15, 2012
One more thing… your agent has probably spent a lot of time and effort marketing your home and soliciting offers. If you are canceling the short sale, you should probably offer your agent some compensation for his or her time and effort in assisting you to this point. While you may be able to cancel based on a contract technicality, as I described, it's not fair to your agent who has spent time and effort on your behalf without a promise of compensation.

While your agent is probably not expecting anything, it's the right thing to do. If you aren't happy with your agent, well then that's a different issue! LOL :)
0 votes
Sonny Shriva…, Agent, Surprise, AZ
Wed Aug 15, 2012
Albania,

Your first course of action should be to discuss this with your own agent, and if not happy with your agent's response, go to your agent's broker. Nothing I say here should be construed as legal advice, a solicitation or a negative statement about your current agent/broker.

Assuming you are using the standard AZ Association of Realtors contract and addenda, and have not written anything into the contract limiting your right of cancellation, then absolutely yes you can cancel. There is a clause in the Short Sale Addendum to the Purchase Contract which states that the purchase contract is contingent upon you reaching an agreement with your lender that is satisfactory to both parties (lender and seller). There are any number of issues that could lead you to not be able to reach an agreement with your lender, and not receiving a response from your lender is one such issue.
0 votes
Jennie Miller…, Agent, Phoenix, AZ
Wed Aug 15, 2012
You will certainly want to discuss this with your real estate agent so they can guide you in the process. Without know the specifics of your listing agreement and the contract it is difficult to make a recommendation. As a general rule of thumb if your lender hasn't issued an approval letter yet, you don't have a contract at this point. So you should be able to back out.
0 votes
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