Urgent! please help

I got a property trought Homesearch auction in April.  It was a short sale ( My mistake,not understanding what short sale means).  that was in early April.  However, it wasn't until now the sale was finally approved.  It was a cash deal and I have not enough cash plus the deal is not good any more since the housing market has significantly slowed down now.  I want to cancel it, the property seller want me to pay 3% of the property value as well as $1000 punishment fee.  Is there any way I can get off the contract?  anyone has experience?  please help.

所有跟帖： 

• I don't know if there is any way to get rid of the contact excep -qiaoshe- ♀ (0 bytes) () 07/10/2015 postreply 11:50:42

• what is the term of the contract -sneezy888- ♂ (146 bytes) () 07/10/2015 postreply 11:51:09

• 估计这term就是要她陪赏的item -qiaoshe- ♀ (0 bytes) () 07/10/2015 postreply 11:55:01

• Thanks. I will call homesearch. I have not pay EMD yet. -meowi- ♀ (0 bytes) () 07/10/2015 postreply 12:16:28

• Seems homesearch allows you to go away before signing contract -Redrockmm- ♀ (30 bytes) () 07/10/2015 postreply 12:03:09

• will do -meowi- ♀ (0 bytes) () 07/10/2015 postreply 14:43:16

• did you send them deposit? did you sign the approval letter? -Learning103- ♀ (496 bytes) () 07/10/2015 postreply 12:08:54

• that is what I think -meowi- ♀ (809 bytes) () 07/10/2015 postreply 12:29:45

• do not need to talk to seller. Homesearch will handle this. -Redrockmm- ♀ (105 bytes) () 07/10/2015 postreply 12:34:06

• thank you -meowi- ♀ (0 bytes) () 07/10/2015 postreply 14:19:28

• Short sale if bank not approved yet you can back out (I think) -sneezy888- ♂ (60 bytes) () 07/10/2015 postreply 13:18:14

• yes, I can't wait for the short sale to be approved forever. -meowi- ♀ (0 bytes) () 07/10/2015 postreply 14:27:56

• what kind of approval letter do you mean? -meowi- ♀ (0 bytes) () 07/10/2015 postreply 12:30:37