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We are in the midst of attorney review to buy a short sale home. the sellers attorny just made a provision, which we are rejecting, to allow the seller to continue to list/show the property and present any other offeres to the sellers lender. Am i wrong in finding this completly unreasonable? its basically giving us no shelter to being under contract. I just wanted to see if anyone has had this and been ok with it or is this out of the norm?
"everything is negotiable".
I've never been a fan of not being in primary position in a shortsale scenario; sorta defeats the purpose otherwise. Perhaps offer far less EM if they're adamant about continuing to show it etc and 'representing' it as still available. At the end of the day, each party has to come to somesort of agreement and compromise a thing or two.... You might want to consider putting a right to see other submitted offers and match/exceed them etc. If they say 'don't be so daft', then tell them its daft for them to suggest marketing and accepting other offers .... (but they are trying to payoff as much as possible)
We in CO use a specific addendum regarding shortsales because of confusion they have presented in the past. Core essence is that the whole deal is contingent upon bank(s) approval of the payoff; and that such payoff terms is generated by the bank(s) is/are acceptable to seller etc - but every state will differ with their contracts regarding shortsales and each party's rights.
the listing price is 539 and we offered 530, we arnt getting much of a "deal", i understand the seller wants to get as much as possiblem, if we offered 450 or something like that i would get it, but to **** off the buyer for 9k? either way my attorney asked to have the clause removed, now i just have to wait and see if they accept the terms and we can move on to inspection
the listing price is 539 and we offered 530, we arnt getting much of a "deal", i understand the seller wants to get as much as possiblem, if we offered 450 or something like that i would get it, but to **** off the buyer for 9k? either way my attorney asked to have the clause removed, now i just have to wait and see if they accept the terms and we can move on to inspection
That was the listing price, but what is the balance of the mortgage/s?
the listing price is 539 and we offered 530, we arnt getting much of a "deal", i understand the seller wants to get as much as possiblem, if we offered 450 or something like that i would get it, but to **** off the buyer for 9k? either way my attorney asked to have the clause removed, now i just have to wait and see if they accept the terms and we can move on to inspection
The seller is really the bank, not the person living there. If you are pushing against the person that is a waste of time. The people have no interest in the house, they are walking away. They also could care less how much they get for it. All they care about is that the bank accepts the offer price and they get to walk away. There might be some ego involved but other than that, you're concerned about something that doesn't much matter.
If your offer is accepted by the bank, it is unlikely that someone else will jump in front of you. It can happen but unlikely.
The bank has already figured out how much money they must have in the offer to be acceptable. Time becomes something of the essence when the offer is accepted and after going through much of the process, they aren't too interested in changing the horse in the middle of the race. That costs them money too and with no guarantee that the other buyer simply doesn't walk away after a time.
You didn't mention how much EMD you are dropping but if it is a small amount, the listing agent will like to continue to show. Increase that amount and you might see movement on your request. Money talks and everything else is ...
The main thing with a short sale is getting the offer accepted by the bank. It doesn't matter what the individual agrees to if the bank doesn't accept it. Check first to see what the bank is requiring. Ask the question straight and get a straight answer. "Is the clause to continue showing your requirement, the listing agent or the bank's" Then you'll know. If it is the bank's, why bother with it, get your offer accepted. if it is the listing agent or individual, sure, if you are unhappy with it, tell them you want it removed.
The point is to know where that clause comes from because you could just be shooting your own offer down if the bank wants it.
the listing price is 539 and we offered 530, we arnt getting much of a "deal", i understand the seller wants to get as much as possiblem, if we offered 450 or something like that i would get it, but to **** off the buyer for 9k? either way my attorney asked to have the clause removed, now i just have to wait and see if they accept the terms and we can move on to inspection
Why would you do a home inspection before the bank has approved the short sale?
because the contract state that within 15 days after attorny review i must get inspection done. this is the norm (cofirmed by my laywer and agent) even though there is no bank approval. a "sunk" cost of sorts. I'm not pleased about it
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