The following question was recently posed by a buyer:

I have submitted a Short Sale bid on a property in Florida and am getting tired of waiting for approval. Can I cancel the bid without any penalty?

Unfortunately I don’t have any way to give you a good answer to that question.  It depends entirely on the contract you that you signed.

When I write up an offer on a short-sale property, I make sure that my client is able to get out of the deal with no penalty prior to the end of the inspection period (which doesn’t begin until the lender approves the deal).  But that’s just based on the contract that I use with my clients - your contract could be completely different.

My best advice is to contact a Real Estate Attorney to review the contract with you and explain your options.  Many attorneys will bill in 15 or 30 minute increments and my clients can usually go over the entire contract and ask questions of an attorney well within a 30 minute time frame (obviously this depends on the number of questions you have and also how detailed you get with each one).

This way you know exactly what your options are, and you can make an informed decision prior to moving forward with whatever direction you’d like to take.

Hopefully you found this list to be helpful and informative.  If you have a question regarding Real Estate, click here to let us know - we’ll get you an answer.