Leslie Carver, Team Carver, Prudential Americana Group, REALTORS, Henderson, NV, and a Certified Short-Sale Professional, includes the following contract language when representing a buyer.  This language allows a buyer to cancel the contract and receive their earnest money deposit ("EMD") back with written request, but without a signature from the seller(s) after an agreed-upon time period has elapsed.

Earnest Money Deposit Language for the Short-Sale Contract:  
If Seller is unable to perform _____ days* after acceptance of offer, Buyer has the option to cancel this transaction for any reason and receive a full refund of earnest money deposit without any further signatures required. Escrow Holder, Equity Title of Nevada, is not to be held liable or responsible for any loss or damage which Buyer(s) or Seller(s) may sustain by reason of the above addenda to the contract, nor for failure of any of the conditions of this escrow, nor for the recovery of said money for any reason whatsoever should this transaction cancel under the terms above. All parties hereto are aware and understand that Equity Title of Nevada will follow the instructions to cancel this transaction and all other instructions as it relates to the cancellation upon written instruction from the Buyer(s) to proceed with the cancellation and return of the earnest money as set forth.

*The amount of time given is determined by you!  This language should be in an Addenda to the original offer.

This clause commits the buyer to the purchase of the potential short-sale for the time period specified without fear of an earnest money deposit dispute arising during that period.  This clause should also assure the listing agent that the buyer is commited to purchasing the property and will "hang in there" for at least a fixed period of time.  Las Vegas area listing agents who are ignoring or circumventing their MLS rules related to the status of their listings, eg. ER (Available) or C (Contingent) should take heed of this clause.   

Steven Kitnick, CSP, CNE, GRI, RRG

www.NevadaCE.com

www.Shop.StevenKitnickSeminars.com