Real Estate Question - Brokers, appraisals, development, lease, investing, relocation, apartments, houses, condos, values, mortgages, loans... - Page 2 - City-Data Forum

Shoreone · 04-28-2010, 07:46 PM

Yeah he gave the bank 45 days so we are looking at May 28th. I guess if I do not hear anything by mid may I will head back to Florida to look some more to be prepared if the 28th comes and goes

Broker Dave · 04-29-2010, 09:58 AM

case closed

Lacerta · 04-29-2010, 10:14 AM

Absolutely it depends on the contract. In Idaho, there is a state approved "Short Sale Addendum" that is used on all short sales. It says that the buyer has the right to get out of the contract at any time prior to bank approval with no risk to their EM.

palmcoasting · 04-29-2010, 07:37 PM

An offer sheet? I've never heard of such a thing. What the heck is an 'offer sheet'?

AONE · 05-01-2010, 12:00 AM

Look at the dates on your contract. they likely will not be met. at that time you can get your money back. I don't worry about the sellers in a short sales as they can find another buyer. even if they lower the price. Remember no matter what the price they still get nothing. There are many ways to get th e deposit back. It is illegal for the owner to receive any money from the sale.

I suspect you have several outs... just look or get your agent to look, or an attorney.