After purchasing the short sale property, can I cancel the contract owing to a condition without panelty?
Hello again, Let me answer these one at a time. 1. If, after the lender has approved your offer, you find a condition of the property or any other disclosure documents not satisfactory, you can indeed cancel the contract as long as you do so within the designated time frames. With a short sale, I make sure my buyers do not spend $$$ on inspections or anything else until the bank has approved the sale. If you are thinking that you may find another property while waiting for the bank to approve your offer and you would want to bail out of the short sale offer in order to purchase the new one, then yes – you can do that. 2. The Seller will first approve or counter offer or reject any offer we write for you. This process happens quickly, within one or 2 days. The lender is a different story. You may get a counter offer; you may get nothing at all. I believe the listing agent on this particular home will be able to get the bank to respond. The time frame is anyone’s guess, however, as I sai
