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I'm not an Attorney, however, I believe that in New Jersey it is after the offer is accepted on a real property that the contract could be contingent on something such as an Inspection. This contingency don't provide the seller with any right to accept another contract.
Also most contingencies come with a no-kick-out clauses, e.g., home inspection, radon inspections, finance/mortgage, property appraisal, etc, etc, etc.
Kenan,It depends greatly on the lender - some lenders are better than others. And partly on the listing agent's experience and comfort level with short sales. However, if the house is priced correctly and the lender pre-approved the price, it should be uneventful transaction. The problem is there are few lenders who accepted the reality that they will never recover the original loan amount.
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