Interestingly, there have been several BPO's done, with walk through and everything, and the highest, and most recent value came in at ~580K.The failed Short Sale was actually approved by the servicer for $480K.I suspect this has to do with the Non-Performing status of the mortgage, my mother's age, and Massachusetts being a tenant/occupant friendly state.I had to terminate the arrangement of this Short Sale when I finally acquired unbiased legal/realty counsel, and realized that the sizable return (700K - 475K = 225K) would not only be an act of fraud for us to receive, but that the buyer was likely misleading us into thinking we would get this money.Since then, I really started doing my research, and am very interested in pursuing Real Estate Investing thanks to all of the hard lessons I've learned.I organized an off market pool of cash investors, and showed the house and took offers. 

Make sure you inform your tenants that the PM is being terminated.

We chose to rent through Lloyd Properties because they also have a real estate division and your apartment lease contract has a clause allowing for early termination of your apartment lease (with no fees/fines) after 45 days in the unit if you close on a property using a Lloyd Properties Real Estate Agent. 

Others only make 2x the rent but they have absolutely zero debt or expenses. 3x the rent is a "rule of thumb" and you should be able to deviate from it based on the whole picture.If you have a one-year lease, you can terminate at any time for non-payment of rent.

As tenants by the entirety, a married couple owns all interest in the real estate and this tenancy can only be terminated by the death of one of the tenants, the dissolution of the marriage of the tenants or a conveyance of the interest in the property.

All I could do was to let the buyer know that the repair is done as per my plumber and than buyer's responsibility is to check everything after that and if they had found issues they could have extended or terminated the contract.

The beauty of the option period is that it gives you the unrestricted right to terminate the contract for any reason whatsoever, even if you just change your mind.

., if the home doesn't appraise then you don't get mortgage commitment and get to terminate, or hopefully renegotiate, the deal).Good luck! 

A contract can only by terminated/voided by the terms within the contract or by mutual written agreement by both parties.

You would need to look at your contract and determine (if you are pending) if flooding is an excuse to terminate their P & S agreement.