Getting out of a Short Sale?

I have a friend who signed a contract on a short sale - as is - except for a termite inspection.

The home inspector he had come in just so he would know wht he was dealing with said there was evidence of termites in one corner of the house.

My friend is looking for a reliable termite exterminator (suffolk/sayville area), but is wondering if he can get out of the contract he has now signed.

Does anyone have any experience with getting out of a contract like this?

And/or can someone recommend a termite inspector?

Thanks.

Re: Getting out of a Short Sale?

Any exteminating company can do a termite inspection. We had Terminex come do ours when we bought our house.

Re: Getting out of a Short Sale?

Unfortunately the only way (most likely but depends on the contract) is lack of financing. Cant get out without losing the deposit just for no reason....and was the sale as is? IF so they cant use the termite damage as a reason. Every house on LI has some degree of termite damage. Its just how severe it is.

Re: Getting out of a Short Sale?

No one can tell you this without reading the contract. If your friend is in contract, I assume she has a lawyer. This would be a question for her lawyer.

ETA -- The seller cannot compel specific performance (i.e., purchasing the house), so she can get out of the contract. The question is whether or not she will have to pay a penalty or lose her earnest money.

Message edited 2/7/2011 7:00:01 PM.

Re: Getting out of a Short Sale?

I agree they should talk to their lawyer about the specifics of their contract.

As for an exterminator, Burns Exterminating is great. 696-9885

Re: Getting out of a Short Sale?

We were told we could back out of our short sale contract after 90 days, and get our $ back...short sales take a LOOOONG time...we are past 90 days now and are thinking about looking at other properties... im not sure if this is true for all short sales or just in our contract...