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KJL LAW, Arbitrator
Category: Real Estate Law
Satisfied Customers: 1454
Experience:  Attorney at Law Office of KJLLAW
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I entered into a Short Sale on a condo on 9/14/16 Horry

Customer Question

I entered into a Short Sale on a condo on 9/14/16 Horry County South Carolina. The Short Sale Disclosure document indicates that the lender may require at least 30-45 days to approve the sale but it took 59 days to do so. Can I cancel the contract based on the fact that it took much longer to approve? Please advise. Thank you.
JA: Has any paperwork been filed?
Customer: Agreement has been signed 9/14/16. I need to get out this contract.
JA: Anything else you want the lawyer to know before I connect you?
Customer: That should be it.
Submitted: 9 months ago.
Category: Real Estate Law
Expert:  KJL LAW replied 9 months ago.
Good morning. A short sale is similar to any other purchase of real estate, where the contract is controlling. The contract itself states how legally the short sale contract can be cancelled. Under South Carolina law there is no right to cancel a contract due to the bank's slow approval of the short sale.The only way you could legally cancel your contract is if it contains a clause that specifically allows cancellation if the bank does not approve the sale in a certain time frame. Check the contract.I hope this helps. Please rate the question for credit and tracking. If you don't rate I will not get paid.