Can a buyer cancel a short sale? - Zillow Real Estate Advice

There is really no need to contact a real estate attorney in this case unless that bank won't agree to cancelThe bank isn't the owner, they are merely providing 3rd party approval.

What might be relevant is who was responsible for missing the original closing date. If the sellers (or their representatives) missed the date, you might have greater leverage to exit the contract.

As laws vary by state, it's best to consult with an attorney. But it's generally understood that both parties have to agree (and sign) a cancellation of the purchase agreement. Just make sure that if you have earnest money on deposit, that your mutual rescission include language that says you get the earnest money returned to you (which is why it doesn't hurt to have an attorney draft the cancellation agreement).

Source: http://www.zillow.com/advice-thread/Can-a-buyer-cancel-a-short-sale/473066/

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