Mar 3, 2009

Tip 4-2009: More Short Sales


Short sale contracts may contain a clause making the transaction contingent upon the Seller’s lender’s approval of the short sale. This approval, however, is taking much longer than anyone estimates. One strategy to shorten the time for the approval is to include a clause in the Real Estate Contract giving the Buyer an option to terminate the contract if the short sale approval is not obtained by a certain drop-dead date. You may also want to include a clause allowing the Buyer to extend the termination date. With this “drop-dead” date, the short sale negotiator may put your contract to the “top of the stack.”

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