OfflineCan anyone give me some advice on exactly how to proceed with a short sale contract signing, contingencies, addendums and other stipulations that I should put into the addendum so as not to come out of my pockets with any of my own money?
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Bryant Slade
Only thing I can recommend is having contingency of appraisal in place & inspection, you don't want value of house to come in under the price you're offering to do the short sale & you also don't want anything major to pop up those two things will be one of your escape clauses. You're going to have to get the owner to sign a release giving you authorization to talk with the bank directly. Find a cash investor (quickly) to have in place to settle the EMD that way you're not taking monies of your own pocket to secure the contract. Hopefully someone with more experience will come along to offer you further details on how to proceed with your deal. Talk to your Realtor too see what he recommends and get back with us to share.
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This is so far how my contingency contract looks when I place my bids, as a matter of fact I'll copy and paste everything here so as to have a more in-depth analysis on it from you guys.
Here it all is from start, to almost finish:
Buyer/Interested Party:
Bryan Slade
111 Bridge St
New Cumberland , PA 17070
Edwin Tichenor
Keller Williams-East Shore Branch
530 N Lockwillow Ave
Harrisburg , PA 17110
Let this letter act as the intent to purchase 114 Center St , mls# 10171882. The reason for this letter is to allow for an expeditious offer to purchase the aforementioned property at $83,940.00, without the future consideration of a counteroffer. In the event that the following terms and conditions are acceptable to you it shall be rendered to a Standard PA State A/S-R Contract.
Please note that the intent to purchase is based upon the following contingencies, and it is in no way a legal, binding document:
· contingent upon; a home inspection to the buyer's satisfaction
· contingent upon; a clear title
· contingent upon; subject to approval of buyer's partner
If the following contingencies are acceptable please contact Edwin Tichenor directly. If they are unacceptable, I apologize for the inconvenience yet appreciate both your time and consideration concerning the matter.
Regards,
Edwin Tichenor
Keller Williams-East Shore Branch
Now for the response:
Hello Ed,
Thank You for your email message indicating your Intent to Purchase our Listing at 114 Center Street , Enola , PA.
Due to the amount offered, we would be happy to submit a bid for a Short Sale with the Sellers’ Lender. In order to do so, we will need to draft a Sales Agreement and have both Buyer and Seller sign.
If you would like to do so, please let me know whether you would like me to draft that Document, or if you would prefer to do so.
Thank You for the Opportunity to Work Together!
Dale
This is just the start of it I know. I just want to be prepared for what I don't know.
Thanks!
Bryant Slade
Max in short sale, It can only be away for some to do they're deal.What you need to know is..Short sales leave loop holes for the primary paper holder!
I guess what i am saying is...Sometimes i am and sometimes i am not!
You are going great,Like many on this forum. Thank-you and everybody for sharing your(Tools/goals/action)invester-self!
Invest in yourself!