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I am a first time buyer and I am part of a first time buyers program. I have put an offer on a short sale (Unapproved short sale) and the homeowner accepted it and we signed a contract. We are now waiting to hear if the bank approves the offer. The first time buyers program is suppose to come to an end soon or run out of funds from what I have heard. I still have not heard back from the bank if they have accepted the offer or not. We sent in out offer around January 20th. We found another home we like and we sent in another offer to that home (Which is an Approved short sale). We do not want to risk losing 65k of free money from the first time buyer program so we took a chance. What the worst case scenario if both offer go thru?
I am a first time buyer and I am part of a first time buyers program. I have put an offer on a short sale (Unapproved short sale) and the homeowner accepted it and we signed a contract. We are now waiting to hear if the bank approves the offer. The first time buyers program is suppose to come to an end soon or run out of funds from what I have heard. I still have not heard back from the bank if they have accepted the offer or not. We sent in out offer around January 20th. We found another home we like and we sent in another offer to that home (Which is an Approved short sale). We do not want to risk losing 65k of free money from the first time buyer program so we took a chance. What the worst case scenario if both offer go thru?
Who is writing these offers for you?
They should be qualified to tell you where you are in the scheme of things.
Honestly, when you're in a time crunch, a short sale is the last property you want to work with. You don't know if it's going to take 6 weeks or 6 months for that approval. Even "pre approved" short sales can take months. If you want to guarantee the funds don't run out, you need to find a property that is not a short sale.
I am a first time buyer and I am part of a first time buyers program. I have put an offer on a short sale (Unapproved short sale) and the homeowner accepted it and we signed a contract. We are now waiting to hear if the bank approves the offer. The first time buyers program is suppose to come to an end soon or run out of funds from what I have heard. I still have not heard back from the bank if they have accepted the offer or not. We sent in out offer around January 20th. We found another home we like and we sent in another offer to that home (Which is an Approved short sale). We do not want to risk losing 65k of free money from the first time buyer program so we took a chance. What the worst case scenario if both offer go thru?
The NSP program is incredible so I hope it works out for you!
Here in Idaho, we use a special "short sale addendum" which gives the buyer the right to rescind their offer any time prior to the seller's lenders acceptance of a short sale due to the fact there is no guarantee that even if the buyer does everything 100% correct, the short sale may still never go through.
Without similar language in your contract, you shouldn't be making more than one offer unless you are prepared to buy more than one home.
What the worst case scenario if both offer go thru?
My guess is that you will lose money you put in one of the houses you don't want if you have no addundums in your contract for backing up...
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