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Old 04-13-2009, 05:46 PM
 
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Hello,

Like the topic reads, can I make multiple offers if the properties I made an offer on are short sale properties?

thank you much
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Old 04-13-2009, 05:57 PM
 
Location: Salem, OR
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It depends on the terms of the short sale contract that you signed.
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Old 04-13-2009, 06:29 PM
 
Location: Youngstown, OH
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It would be best to cancel your first offer. But I have heard the rumor that because of the unique stresses that come with short sales, you can back out of a short sale at any point before the bank accepts your offer. However, while many people frown on this, if the bank accepts your offer, perhaps you can use the home inspection to back out.

I would just cancel the first offer if you really want the second house more. I am curious to see what other people think, however.

Jenn :O)
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Old 04-13-2009, 06:42 PM
 
Location: Salem, OR
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Typically what buyers do is continue to house hunt when they have an offer on a short sale and if they find something else they like they revoke the short sale offer. It just depends on what your contracts allow.
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Old 04-13-2009, 07:19 PM
 
99 posts, read 335,300 times
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Quote:
Originally Posted by Silverfall View Post
Typically what buyers do is continue to house hunt when they have an offer on a short sale and if they find something else they like they revoke the short sale offer. It just depends on what your contracts allow.
Should the contract specifically spell out that you CAN back out, or should it specifically spell out that you CANNOT back out?

I'm trying to figure out what is the assumed, if the contract doesn't mention anything about backing out.
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Old 04-13-2009, 07:23 PM
 
Location: Salem, OR
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You should have a clause in there that states that the buyer can revoke the offer (for no reason) up until the buyer has been notified of the lender's acceptance of the seller short.
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Old 04-13-2009, 07:34 PM
 
Location: Palm Coast, Fl
2,249 posts, read 7,908,350 times
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Nothing is 'assumed'. It's a contract. A short sale contract should have a short sale addendum attached to it or clauses inside the contract addressing the short sale situations and it's terms.
As stated above... it depends on what your contract states. It also would be advisable not to put up any escrow funds if you're going to do more than one short sale contract at a time.
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Old 04-13-2009, 08:37 PM
 
Location: Austin
7,089 posts, read 16,957,585 times
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If it's not accepted yet, it's not a "contract", it's only an "offer". You can back out of an offer at any time. Just send notification of the termination of your "offer". If it's a "contract", why are you still looking at more houses?
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Old 04-13-2009, 09:31 PM
 
Location: Salem, OR
13,754 posts, read 31,653,769 times
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Quote:
Originally Posted by FalconheadWest View Post
If it's not accepted yet, it's not a "contract", it's only an "offer". You can back out of an offer at any time. Just send notification of the termination of your "offer". If it's a "contract", why are you still looking at more houses?
In Oregon our short sales contracts are executed contracts. It is signed by the seller so it is executed. This only works for non-executed contracts. Even with an executed contract we still look.
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Old 04-14-2009, 07:27 AM
 
280 posts, read 895,184 times
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In VA the seller signed every offer immediately (the 90 day wait was for the bank) so I guess they were executed too.

My agent had my earnest money in escrow, and I was able to make offers on a lot of properties (I had 5 at one point).

Apparently in our area this is common. It would be so much better if the process were sped up so you could do one at a time, but failing that, waiting 90 days to hear that you were outbid (as I was almost every time) seems inefficient.
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