Legal Question in Real Estate Law in Florida

Can I cancel sales contract as a seller of a short sale after mortgage offers a settlement of the entire loan?

We have agreed to sell our home in short sale in Florida. The short sale is contingent on lender approval. Our bank approved. After we signed sales agreement we received a great settlement offer from our mortgage co. A deal we were looking for over a year and finally came in. We want to stay in our home. We have the ability to pay the settlement amount. Our listing agent and attorney says we are stuck with having to sell or else get sewed. Is there a way we or our bank can cancle the short sale and sales agreement with the buyer so we can stay in our home? We finally got the settlement we wanted. Don't we have the right to stay, cancel our sale due to this recent opportunity to settle the loan? The short sale was our only option until this settlement offer came along.


Asked on 9/04/10, 11:01 am

1 Answer from Attorneys
Richard Kaplan

If you attorney, after reviewing the full matter, believes that you are stuck, you probably are. The only advice I may add is that in many short sales the seller's lender cannot close on time. There is a closing deadline, and if they can't close by that date, then you may be able to cancel the contract.

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Answered on 9/09/10, 11:35 am


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