Can a seller of a short sale property back out after accepting our offer and bank written approval has been received?

Question Details: We are in the process of purchasing a short sale property, but we are not sure if the sellers are going to follow through with it. Can the sellers legally back out from the deal, since it has been accepted and approve by the bank? And what legal actions, if any can we take?

Asked 9/29/2009 under Real Estate | 264 View(s) | More Legal Topics

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Real Estate Law Answers

Robert Spitz / Law Offices of Robert J. Spitz Answered 2 years ago | Contributor

You should have a signed written agreement with the sellers that is enforceable against the seller. However, your situation is complicated with the bank being needed to approve the sale.

You need to have an attorney involved to put pressure on the sellers to proceed with the sale.

Contact my office if you would like assistance in this matter.

Robert Spitz

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