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?
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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.