I am located in Florida and I made an offer on a short sale property about 27 days ago. The sellers has signed off on it and has hired a lawyer (I have too) to move things along, my offer has been presented to the bank and there is also a backup offer.

I used a standard FARBAR contract AS-IS with a short sale addendum.

Since we have no ideas on dates...and bank could move slow...I put down 30 days for the offer acceptance and is coming up. Seller's lawyer called me yesterday and said I should put in an extension for another 30 days.

Everything in there are based on effective date so they all slides automatically. The only exception is the offer acceptance date which is a fixed date. Also closing date was based on a fixed date 45 days out from my offer acceptance date.

Can I modify the contract to say acceptance date is 60 days (instead of 30) and the closing date is "effective date + 45 days" (instead of a fixed date)?

Is there a special form for extension of dates or I just need an amendment / addendum form?

Thanks,

addendum will do, but make sure you have the correct wording in it.

no legal advice intended

You hired an attorney, have him do it.

"The sellers has signed off on it and has hired a lawyer (I have too) to move things along, my offer has been presented to the bank and there is also a backup offer."

This is funny. The only things attorneys are known for around here is DRAGGING THINGS OUT as they make there money charging by the hour! They suck you in with a low intial fee and then milk you dry. The suckers fall for it everytime.

One of my ML Services has a standard addendum for this purpose but being in New York I don't know if the wording would be satisfactory for Florida.

Make sure that you're not violating the terms of your E&O Coverage by using a Form imported from elsewhere.

forget the attorney. If something is not right they will hold you liable.
What you have to understand is Yes this is a short sale. However the contract is still between buyer and seller. The effective date is when the buyer and seller sign the contract. The sellers lender accepting less on the note is a contigency. Just like an inspections. You need to handle this just like if you need to extend the closing or inspection period. what you have if I read your post is the seller has 20 days to get their lender to accept less on their note. If the seller needs more time then yes you need to do an extention and have both buyer and seller sign off. You the simple one page FARBAR addendum.