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does anyone have the experience of providing an offer for a short sale and on the contract, you wrote, if the bank of the property takes longer than a certain period of time to accept, the offer price will decrease by certain percentage due to the market going down? I regret that i haven't thought of this, because we've waited for 4 months and the pricing is going down 22% or more. but I'm stuck with such offer now...wonder if you have thought of this before I did...
If you submitted an offer on a short sale property....it's not a binding contract and you can get out of it. Do you know that they have even accepted your offer price, since you haven't heard back. We put in 4 short sale offers on different homes and never heard back from any of them. We are on our 5th and finally it has been accepted and we are closing in 30 days.
does anyone have the experience of providing an offer for a short sale and on the contract, you wrote, if the bank of the property takes longer than a certain period of time to accept, the offer price will decrease by certain percentage due to the market going down? I regret that i haven't thought of this, because we've waited for 4 months and the pricing is going down 22% or more. but I'm stuck with such offer now...wonder if you have thought of this before I did...
YOu are not stuck. A short will always end with a counter with all the banks conditions. Counter back the new offer when that happens.
It might be an interesting tactic to motivate the lender but I am skeptical. They really don't pay much attention until they decide they will take the short. Then they are arrive at their own price. Every short I have initiated started out low enough that you would still get a upward counter after three or four months.
In my experience with short sales this year, it doesn't help to put certain conditions in the contract for the bank to follow. I don't think there are any rules there. Remember you can get out of it or counter since you are not in a binding contract in a short sale.
In my experience with short sales this year, it doesn't help to put certain conditions in the contract for the bank to follow. I don't think there are any rules there. Remember you can get out of it or counter since you are not in a binding contract in a short sale.
Who told you that?
A short sale contract becomes a plain old RE contract when the bank approval contingency is met.
I would think it very hard to escape one after the due diligence period.
Note that the lender throws a counter that contains the banks requirements. But once you agree to that counter...it is just a regular old RE deal.
yes, it's 279K, the offer we made was 269K and it's accepted. is that bad? the other units that we recently sold were about 10-17% higher than our offer.
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