Asked by Kathryn, Folsom, CA • Tue Feb 3, 2009
The reason for the short sale was due to a pending divorce. We are now having second thoughts about selling the home, and want to keep it. We've talked to our lender (B of A) about loan modification, and they are willing to work with us. We'd like to stay in the house. We are considering reconciling. The bank is saying they won't be responding to any submitted offers for another 30-45 days due to their backlog. So even though we have two offers on the property, no response by the bank has been given (it's been 3 months). We have signed nothing except the listing agreement with our agent. Can we back out? I'm assuming we can since we haven't signed anything yet and the bank hasn't even reviewed our short sale package and most likely won't for another month or two. Any recommendations on how to proceed? I haven't read our contract to see about cancellation fees with our agent, which I'm sure he'll expect something after 3 months. Any suggestions/advice would be appreciated!
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