Jul 5, 2013

Tip 23-2013: Short Sale Contracts

Last week's Tucker's Tip discussed the fact that Short Sales are a team effort. This week, we would like to share with our teammates some important information regarding Short Sale contracts. 

While it's ok to obtain a ratified contract with Docu-Signatures, please make sure to follow up the docu-signed version with a contract that has wet signatures. Short Sale lenders may reject a contract with electronic signatures. Accordingly, the best practice is to obtain a contract with wet signatures so that the lender cannot find an excuse to delay the negotiations.   

Lenders will also reject contracts that are incomplete. Please make sure to submit a complete contract that includes the completed page 9 (Agent Information section). Short Sale lenders will use incomplete contracts or contracts with electronic signatures as reasons to delay negotiations and approval.  

Since we all know that Short Sales can be complicated, let's help out our teammates and submit contracts that have wet signatures and all blanks filled in!     

Contact me at 434-951-0858 or Tucker@TGBLaw.com if you have questions.                 

William D. Tucker, III   
Charlottesville, VA 434-973-7474 | Lake Monticello (Palmyra, VA) 434-589-3636       

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