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Old 03-20-2008, 04:20 PM
 
Location: Salem, OR
15,518 posts, read 40,267,236 times
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You have to have mutual acknowledgement in order to have a contract. If you did not sign it, you still don't have mutual acknowledgment, hence no contract.
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Old 03-20-2008, 11:13 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,103,442 times
Reputation: 2661
I am not sure I should do this.

But..

There are two contracts. They have little to do with each other other than that generally start out as one.

One contract is the one that fulfills the Banks requirement that it have an O&A in hand before evaluationg and responding to a short sale. These generally are rarely legal RE contracts. Mostly they have not been signed by the seller so have no real legal footing. The bank however accepts them as at least a possible offering and, eventually, responds.

There is no particular reason these need to be current or in scope. The banks don't care. They simply satisfy the system.

If and when the bank completes its dicker with the seller and proceeds to offer a view of what is acceptable a real contract may ensue. Makes no difference how it is initialted...anyone can play. As far as I can tell most are initiated by software run by the listing agent then signed by the buyer than by the seller. They are likely derivatives of whatever contract started the process. At that point buyer and seller can sign on or not.

So all this talk about contracts and out of time and all that is simply mental masturbation. There is no real contract or dicker until the bank signs on. Then it is a reasonably straightforward process.
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Old 03-21-2008, 07:03 AM
 
27,206 posts, read 46,604,028 times
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Thanks. I guess I better move forward unless I hear back soon. The seller told me yesterday he would email the papers that were forwarded to the forclosing lawyer but I haven't received anything. To me to hear the realtor changed the numbers on the contract and not having us signed or even call us (although we had send it in an email weeks ago with a deadline which has expired without hearing anything back), and now weeks after that having the seller sign and not informing us, makes me feel very uncomfortable. If there will be a deal we are here to listen but still had emntioned before we want a home inspections done before our offer is even final. The realtor had told us and put that in the contract, that we should wait by doing so until the bank would answer back. So this seller is to me closer to foreclosure than to a deal and because he is unexperiencend and wants to believe every positive thing, it is hard for him to hear about reality. He is now getting better advise by a befriended mortgage broker. The seller wife was affraid to say and ask anything from the realtor since the realtor had promissed to bring clients for her new business in window treatments. So far 0 clients came because of the realtor and she is going into foreclosure is she keeps thinking this way. I want to stay out of all this, only will be involved when the bank or lawyer comes back with an answer.
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Old 03-21-2008, 07:11 AM
 
Location: Palm Coast, Fl
2,249 posts, read 8,879,636 times
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Ok. I'm going to say this again. In the state of Florida IF you did not sign a no-representation form with the Realtor® that did up the contract, you HAVE representation. They have duties to you and the seller both. Thats a fact.

As for the bank looking at something with an expired contract/no contract/contract, I'm doing a short sale now with no contract. The bank only required a HUD1. One was supplied without a buyers name. It's going through the full process so the bank can see the bottom line for them and approve or not approve. It depends on the bank and their process.
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Old 03-21-2008, 07:17 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,103,442 times
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Quote:
Originally Posted by palmcoasting View Post
Ok. I'm going to say this again. In the state of Florida IF you did not sign a no-representation form with the Realtor® that did up the contract, you HAVE representation. They have duties to you and the seller both. Thats a fact.

As for the bank looking at something with an expired contract/no contract/contract, I'm doing a short sale now with no contract. The bank only required a HUD1. One was supplied without a buyers name. It's going through the full process so the bank can see the bottom line for them and approve or not approve. It depends on the bank and their process.
They have dutes but of the TB sort. Not those of the agency common in most other states.

The bank can do anything it wants...but the ABA guidelines call for a contract to sell the place in the short sale package. Most banks follow the guideline.
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Old 03-21-2008, 08:50 AM
 
27,206 posts, read 46,604,028 times
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The seller told me the person fromthe mortage company he previous spoke with asked hi: 1. is you home listed-proof. 2. do you have an offer- proof.
For the rest the only thing they were very clear on is that the 7% was a huge NO.

So to me this seller needs a signed offer contract with not expired dates from me and the seller.

To me an offer that is expired or not signed is not an offer, and since the seller has an agent it is her job. This is a buyers market and we have time after time tried to reach the agent through phone and email. Even this week I called the seller to ask if there was any news or if he had another offer. I told him that IMO he needs a signed paper from us in order to have the person who ever that might be at this moment, even look at it and still the seller and his friend and or realtor have send it in so it's up to them.

Thanks for all the advise and I will keep you updated if anything comes back or not.
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Old 03-21-2008, 10:13 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,103,442 times
Reputation: 2661
Quote:
Originally Posted by bentlebee View Post
The seller told me the person fromthe mortage company he previous spoke with asked hi: 1. is you home listed-proof. 2. do you have an offer- proof.
For the rest the only thing they were very clear on is that the 7% was a huge NO.

So to me this seller needs a signed offer contract with not expired dates from me and the seller.

To me an offer that is expired or not signed is not an offer, and since the seller has an agent it is her job. This is a buyers market and we have time after time tried to reach the agent through phone and email. Even this week I called the seller to ask if there was any news or if he had another offer. I told him that IMO he needs a signed paper from us in order to have the person who ever that might be at this moment, even look at it and still the seller and his friend and or realtor have send it in so it's up to them.

Thanks for all the advise and I will keep you updated if anything comes back or not.

They can never be "real" offers. In general they are not signed by the seller or have a contingency requiring bank approval. The bank will never approvee them as written. So they always require further signing off by the buyer...they therefore never represent a meeting of the minds...

But anyway it makes no difference what you think...you don't get a vote.
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Old 03-21-2008, 10:58 AM
 
27,206 posts, read 46,604,028 times
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Quote:
Originally Posted by olecapt View Post
They can never be "real" offers. In general they are not signed by the seller or have a contingency requiring bank approval. The bank will never approvee them as written. So they always require further signing off by the buyer...they therefore never represent a meeting of the minds...

But anyway it makes no difference what you think...you don't get a vote.
No I know but I'm the one with the cash money so, maybe a little vote perhaps...

Just joking, I know it is all in the hands of the other party except for if I want to be part in this or not, and I start to have a lot of doubts in this very unprofessional way this deal is going.
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Old 03-21-2008, 11:43 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,103,442 times
Reputation: 2661
Quote:
Originally Posted by bentlebee View Post
No I know but I'm the one with the cash money so, maybe a little vote perhaps...

Just joking, I know it is all in the hands of the other party except for if I want to be part in this or not, and I start to have a lot of doubts in this very unprofessional way this deal is going.

Well there is something upon which we agree. I know of nothing more unprofessional than short sales. I don't care who you are or how hard you try they are simply the pits.

My suggestion is that the Realtors stop doing them. But I don't think that is going to happen.
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Old 03-21-2008, 01:24 PM
 
27,206 posts, read 46,604,028 times
Reputation: 15661
Quote:
Originally Posted by olecapt View Post
Well there is something upon which we agree. I know of nothing more unprofessional than short sales. I don't care who you are or how hard you try they are simply the pits.

My suggestion is that the Realtors stop doing them. But I don't think that is going to happen.
Would should you suggest should do the short sales?
I'm happy with short sales because they are a good deal and the seller gets out with less credit issues and has more chance to get on his feet sooner than with a foreclosure.
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