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Jack R.
Jack R., Lawyer
Category: Real Estate Law
Satisfied Customers: 6147
Experience:  Mediator, part of the Ohio Save the Dream Foreclosure project
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Short Sale: I sign a short sale contract and then it goes

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Short Sale: I sign a short sale contract and then it goes to the bank but was not accepted by the bank yet. The bank has not done appraisal or even received paperwork from me on acceptance package. If I can now afford my mortgage can I stop the short sale and go for loan modification since the bank did not accept the agreement yet or even come up with a value for the home?

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If they bank has not accepted (signed) the contract then the deal is not complete. You can indicate to the bank that you wish to rescind the offer of a short sale. Once the offer is signed then the contract is complete. The bank in waiting for the supporting documentation could decide not to agree to the short sale. You will need to contact as soon as possible. to let them know the offer of sale is withdrawn.



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