I put an offer for a short sale on a home in Olathe, KS. about two months ago - I want to back out now - Is this going to cost me?

Question: I put an offer for a short sale on a home in Olathe, KS. about two months ago. First, my dad is having health issues. Second, my employer back home has offered me my job back with the raise I wanted. I want to cancel and move back home closer to my parents and job. Is this going to cost me to do?
Jake R. from Wichita, Kansas


Answer: When making an offer on a short sale in Kansas City a short sale addendum is used. If this form is being used and the bank has not accepted the short sale, Yes, you can back out. If there is no verbiage in the contract making it contingent upon the banks approval, you might need to have your contract reviewed by an attorney, if the seller will not let you out of the contract. Typically though, I find that the seller will cancel the contract with you and put the home back on the market. The seller really does not have time to fight to keep you in the contract.


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Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty 

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