Short Sale

The quick answer, yes and yes on both of your questions. In general though, you've got to have all of your financials in order to even submit the offer for a short sale. At a minimum, your financing approval letter and bank statements (documentation of funds for downpayment and closing). Do not expect the contract to be assignable. They want to make sure you're a strong buyer that can close the transaction. The bank will then take your offer and probably sit on it for a few months (my own experience buying a short sale is it took 6 months, although I hear it's going faster lately).

Once your offer is accepted, then the count down begins on the inspection period. Typically it's worded as "10 calendar days after acceptance of offer", or something along that line.

Hope that helps,

- Tom

are throwing a curve ball on inspections. When you try to use it for a price reduction, they will fix the problem and 1)not let you discount the price or 2)they will not allow you to walk away as they will take care of the problem. Be careful on using "inspection" as a way out of the property for other reasons. Hope this helps.

In the case the banks do throw "curve" balls use your own contingency in the contract. If you have a good contingency they cannot keep you in the property.

"This contract is contingent upon buyer and/or buyer's partner's inspection and acceptance of the property within 15 business days from the acceptance."

That contingency will let you out for whatever reason within the 15 business days that is noted.

Thanks Bill I really appreciate that. It helps.

Thanks Diane. Great to get that info from you because, besides the words 'This' as in "This contract," and 'the' as in "the acceptance," I draft my contingency exactly the same way. That let's me know I'm on the money-mark. Thanks again.