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    RJS2880's Avatar
    RJS2880 Posts: 1, Reputation: 1
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    #1

    Oct 29, 2010, 06:28 PM
    Seller short sale offer on my house and now I want to back out?
    My wife and I separated and decided at the time to sell our home, we have got back together and now want to keep our home, we have signed a p and s but the bank has not approved it can we back out of the sale, there has been nothing other than the offer, no money out of buyers pocket, thanks for any info
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    Oct 29, 2010, 06:37 PM
    Quote Originally Posted by RJS2880 View Post
    we have signed a p and s
    Hello R:

    Whatever remedies you have SHOULD be contained in the purchase and sales AGREEMENT you signed. You should also find out what the buyers remedies are if you default.

    If there's NOTHING in there, get back to us.

    excon
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Oct 29, 2010, 08:55 PM

    Yes the short sale is actually between the bank and the buyer at this point since you approved the sale, If you call the bank and tell them you want to try to work out keeping the house, most likely they will refuse the offer.

    Also the offer may allow you rights to cancell it prior to it being approved, read it carefully.

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