Backing out of a contract

[Lafi S.]

Hey everyone, so I have a little dilemma with one of my short sales and was wondering if any one can help me out.

So there is a short sale I have approved that is ready to close. I got an offer that barely makes me a profit but since I had 2 other offers fall through I didn't want to take the chance I just wanted to get it done.

I signed the contract last week with about 4 contingencies and today I get a much better offer that I would like to accept. My question is, how can I back out of the offer and accept the other offer. My attorney said they have until sept 6 the get a mortgage commitment and only then can I back out, but I was wondering if anyone has any creative ideas or ways for me to do this without getting in any legal trouble. The buyer is yet to order an appraisal or inspection. As of now this is where I stand, any ideas would be appreciated.

Thanks

[Ali Samana]

Lafi, If you have an offer that you agreed to I would not look for ways out of that contract to make more money. In this situation (from what I gather) you are still making a profit, just not as much as you would like. I would take the profit happily and start working on another transaction. If you back out, the buyer might tell others about it costing you potential business. I would just honor the contract.

Not what you wanted to hear I am sure, but just my .02.