Quite often, it’s not the seller who cancels the short sale contract. It’s the buyer. On the whole, most short sale listing agents don’t care which buyer gets the home as long as the buyer is qualified and willing to wait through the short sale process.

Here are reasons why a buyer may cancel the short sale contract by withdrawing the offer:

1. Buyers might find a home they like better or a home that can close faster.

2. Buyers may get cold feet, known as buyer’s remorse.

3. Buyers may have had no intention whatsoever of waiting for the short sale approval but instead made multiple offers on more than one home, taking the short sale that gets approved first.

Note: Some legal experts say it violates contract law for a buyer to submit more than one offer at a time if the buyer is unable to buy both homes.

By Elizabeth Weintraub

Tags: Buying a Home, Real Estate, Selling a Home, Short Sales

This entry was posted on Friday, July 17th, 2009 at 12:42 pm and is filed under Buyers, Foreclosures & Shortsales, Real Estate, Sellers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.