Tired of Waiting on a Short Sale Approval – Can I Cancel the Contract without Penalty?

Post Author: Joshua Hanoud
Tropic Shores Realty
Josh's Website: http://www.HernandoLuxuryHomes.com
Post Date: July 25, 2009
Filed Under: Site Updates | Have a Question or Comment?

This question was recently answered on the Spring Hill Buyers & Sellers Q&A Forum:

The following question was recently posed by a buyer:

I have submitted a Short Sale bid on a property in Florida and am getting tired of waiting for approval. Can I cancel the bid without any penalty?

Unfortunately I don’t have any way to give you a good answer to that question. It depends entirely on the contract you that you signed.

When I write up an offer on a short-sale property, I make sure that my client is able to get out of the deal with no penalty prior to the end of the inspection period (which doesn’t begin until the lender approves the deal). But that’s just based on the contract that I use with my clients – your contract could be completely different.

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Post Author: Joshua Hanoud
Tropic Shores Realty
Josh's Website: http://www.HernandoLuxuryHomes.com
Post Date: July 25, 2009
Filed Under: Site Updates | Have a Question or Comment?
About the Author
Josh Hanoud is the #1 Top Producing Agent at Tropic Shores Realty in Spring Hill, FL and in the top 3% of all real estate agents in Hernando County, Florida (2007). He also happens to be the co-founder (along with Natalie) of the Hernando Luxury Homes website which aims to showcase the best properties that Hernando County and the surrounding Nature Coast has to offer. Whether buying, selling, relocating, or investing - Josh & Natalie are proud to offer a higher level of service. Contact them today at 352-397-5182 or Josh@HernandoLuxuryHomes.com to see what they can do for you.

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