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I’m about to close escrow in two weeks in california. Agent can not get a hold of seller on a short sale. If the owner does not show up to sign can i back out of deal. Bank gave also two weeks for deal to be completed(his bank) home sold as is and needs too many repairs to be a good buy in this market.

2 Thoughts on cancel short sale if not sign by closing date?
  1. Reply
    Landlord
    November 9, 2011 at 5:13 am

    You do not need the seller for a short sale, the bank can sign on their behalf, as long as the seller signed the original offer.

  2. Reply
    acermill
    November 9, 2011 at 5:58 am

    You won’t have to back out of the deal, since the deal cannot close without the signatures of the seller(s) involved. Of course, it is quite possible that this seller will surface in the next two weeks, at which time you would be expected to close this deal.

    I am not sure where Landlord got the notion that a bank can sign for a seller in such a situation, but that is patently incorrect. The ONLY way a bank can provide clear title to this house is through an involuntary sale (foreclosure). Until that time, the current owner has the full rights to redeem the mortgage by paying in full.

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