[olecapt]

Originally Posted by jwt8070

Doesn't an offer on short sales also require an earnest money deposit? If so, when should the deposit check be submitted? Does it happen when the offer is accepted by the seller or when the offer is approved by the lender?

Get your agent to give you a copy of the GLVAR short sale addendum. Basically what that document does is hold all deliverables until the lender agrees in writing. The generally used option is the contract clock starts one day after written acceptance by the lender is delivered.

Some people use a smaller escrow amount to start the process...say 10% of the total EMD. So you use two checks instead of one.

This is a free form process. Whatever hits your fancy.

[jwt8070]

After the lender has approved the sale, how long is the contingency period when I can inspect the house and back out of the offer if I see something that I do not like?

[olecapt]

Originally Posted by jwt8070

After the lender has approved the sale, how long is the contingency period when I can inspect the house and back out of the offer if I see something that I do not like?

Generally 10 days. Those are calendar days. But read the documents you sign for the lender. They will generally specify a term which could be 7 or some other length. If you don't like it counter.

[007 license to sell]

I am not incorrect in saying that a seller may have to contribute in order for the bank to accept an offer. I have had buyers wanting to purchase a short sale where just that happened and the seller tried to get my clients to purchase his art work so he could have the money to pay the bank.

Needless to say we said no and found an bank owned property that went allot smoother.

I find it interesting that folks tht don't know what their talking about like to attack other folks comments to try to make themselves look good.

Trying to purchase a short sale with a tenant can be a problem some times. I have ran into instances where the tenant refuses to let you in even with an appointment.

Having a short sale specialist is a good idea, you don't pay any more for it there are allot of realtors that claim that can do them, but if they aren't on their toes as to the procedure it can cost your time and money.

Once a short sale is approved by the owner of record and emd is required in order to open escrow.
And then you wait for the bank to approve the purchase price to complete the sale.

[olecapt]

Originally Posted by 007 license to sell

I am not incorrect in saying that a seller may have to contribute in order for the bank to accept an offer. I have had buyers wanting to purchase a short sale where just that happened and the seller tried to get my clients to purchase his art work so he could have the money to pay the bank.

Needless to say we said no and found an bank owned property that went allot smoother.

I find it interesting that folks tht don't know what their talking about like to attack other folks comments to try to make themselves look good.

Trying to purchase a short sale with a tenant can be a problem some times. I have ran into instances where the tenant refuses to let you in even with an appointment.

Having a short sale specialist is a good idea, you don't pay any more for it there are allot of realtors that claim that can do them, but if they aren't on their toes as to the procedure it can cost your time and money.

Once a short sale is approved by the owner of record and emd is required in order to open escrow.
And then you wait for the bank to approve the purchase price to complete the sale.

Again incorrect. The use of notes on owner occupied is rare but does occur. When it does occur it generally leads to foreclosure...one of the reasons why shorts work so badly. It is common for investors to take back a note in order to entice the bank into accepting a short. Most shorts however are owner occupied. And most shorts that actually work involve no note.

In shorts it is common to open escrow without an EMD. The EMD is then due on bank approval. I have three such escrows at the moment. One can also offer a part of the EMD upfront with the rest on bank acceptance. I am writing such an offer this morning...10% on acceptance by seller and the other 90% upon bank approval.

[007 license to sell]

How can you say incorrect when you just said that is does occur? You are contradicting yourself as usual.

Since you are a realtor you know that there is many facets to a purchase and to discount one over the other is wrong. You have to take in all accounts these are different times I don't care how long you are have been in the business.

These are different times and the rules are changing constantly as you know as a realtor and to attack someone pointing out other issues or ways things maybe done in a sale that may come up during a sale is wrong. And for you to state the process is wrongly stated just because it's not the way you do it , isn't right.

I will not play your game who is right or who is wrong the facts will speak for themselves. And if you think by trying to belittle someone else's input makes you look superior think again.

I suggest you act more proffessional in your dialogue on blogs.

[olecapt]

Originally Posted by 007 license to sell

How can you say incorrect when you just said that is does occur? You are contradicting yourself as usual.

You do not feature rare occurences as the norm. People here care about the norm not the fringe.

Since you are a realtor you know that there is many facets to a purchase and to discount one over the other is wrong. You have to take in all accounts these are different times I don't care how long you are have been in the business.

You explain to people what they can normally expect...you warn them that every deal is unique but you do not feature the unusual.

These are different times and the rules are changing constantly as you know as a realtor and to attack someone pointing out other issues or ways things maybe done in a sale that may come up during a sale is wrong. And for you to state the process is wrongly stated just because it's not the way you do it , isn't right.

I welcome other Realtors and their views here. It makes for a livelier and more interesting discussion. I object only to outright error under the Agent label. Just get it mostly right...I don't carp about details.

I will not play your game who is right or who is wrong the facts will speak for themselves. And if you think by trying to belittle someone else's input makes you look superior think again.

I suggest you act more proffessional in your dialogue on blogs.

You get a rise out of me only on a mistatement portrayed as fact. Keep it at least roughly correct and I certainly will not respond...unless adding something. Tell it wrong and I will respond.

And I suggest you get your facts right before you publish them. Have your broker or someone check them so we don't need to have this kind of dialog.