Can Sellers Cancel a Short Sale?

Published On: May 16, 2017|Categories: Real Estate|

can sellers cancel a short sale

If you’re buying a short sale, there are plenty of things you need to know (if you’re buying a short sale, read this first).

But there’s one thing many people don’t consider: The fact that a seller may be able to cancel your short sale contract before you can close the deal.

Can a Seller Cancel a Short Sale Contract?

Usually it’s the buyer who cancels a short sale contract, not the seller—but the seller can, in some circumstances, cancel it.

Sellers don’t usually sign a purchase contract without clearly stating that it’s subject to the lender’s approval. Remember, the bank is under no obligation to approve a short sale; that’s one instance in which the contract can be canceled.

However, there are other ways, too, such as:

  • When the seller decides to cancel the listing
  • When a foreclosure takes place
  • When a seller gets a higher offer

While there’s nothing you can really do to prevent these things from happening, it does help to be prepared in the event that they do.

Are You Looking for Short Sales in Tampa’s Suburbs?

If you’re thinking about moving to Tampa, check out the links below to search for homes with just one click:

When you’re ready to start looking at homes for sale in Hillsborough CountyPasco County or Pinellas County, we’re here to help.

Call us at 727-584-8480 or 813-961-6000. If it’s easier, get in touch with us online. We’ll begin searching for your new home right away.