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Old 06-26-2007, 06:52 PM
 
188 posts, read 100,992 times
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Default Short Sale Questions

I am about to do a short sale. Just want to know the verbage if any that has to be placed in the special provisions of the sales contract on a short sale?? Need advice from Realtors that have done short sales!!!!
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Old 06-26-2007, 11:00 PM
 
Location: South Metro Denver for 25 years
8,596 posts, read 18,807,327 times
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Check with your broker - or your brokers attorney....but we typically use "subject to sellers lender(s) approval, in writing."....and then we wait.
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Old 06-27-2007, 05:48 AM
 
Location: Palm Coast, Fl
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Are you buying one or selling one?
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Old 06-27-2007, 07:44 AM
 
188 posts, read 100,992 times
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Quote:
Originally Posted by palmcoasting View Post
Are you buying one or selling one?
Selling one.
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Old 06-28-2007, 07:03 AM
 
Location: Palm Coast, Fl
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Quote:
Tip: Keep in mind that the purchase contract on a short-sale property is a legally binding agreement once the earnest money has been deposited. Without language in the contract stating that the lenders must approve the offer and release all liens on the property, the seller may face a legal problem for failing to execute the contract if the short sale is not approved,
Online Exclusive: How to Succeed at Short Sales
If you are a Realtor you should be talking to your broker about what language needs to be in the contract in order to protect themselves and you, the seller and the buyer too. Some Realtor associations have pre-written addendums already made up and available for their members. If not, your broker (or yourself) can call a real estate attorney for advise on how to have it written so that at the very least you and your customer are protected.
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Old 06-30-2007, 02:50 PM
 
Location: Orange County
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You should consult local legal council about verbage in contracts. I have done a lot of short sales and here is something I have used. "Lender or lienholder approving a discount on a mortgage on this property agrees payment has been made in full and waives any future right to a deficiency judgement ot the issuance on a 1099 against the original mortgager."...... some lenders accept it and some dont. Short sales are really a case by case basis.
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Old 12-09-2007, 08:25 PM
 
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Default Yes, you should put in Special Stipulations...

Yes, you should put in Special Stipulations, "All parties are aware this offer is contingent upon Owner's Lenders approval of a Short Sale"

I don't claim to be an expert of Short Sales, but I have a great mentor that I can call upon if I need him. I had the same question, and that is what he told me.

I hope that helps. If you need any other Short Sale advice I would recommend joining the active rain community, and there you can search thru blog postings using the key words short sales. It is a great community for learning. Follow the link below to join the community.
ActiveRain Real Estate Network

~Lorrie
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Old 01-04-2008, 01:58 PM
 
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Default Active Rain

Active Rain is a great place to go for questions and answers. It is a networking opportunity you will learn to count on.

<div style="width:300px; text-align:center; padding:5px; border:solid 1px gray; font-size:12px; font-weight:300px; color:#333333;"><a href="http://activerain.com"><img src="http://activerain.com/images/linking/ARLogoSmall.gif"/></a><br/>You can find great local <a href="http://localism.com/real-estate/UT/Cache County/Logan">Logan, Utah real estate</a> information on Localism.com Ethan Poppleton is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.</div>
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