In Georgia we have a stipulation to in-cert into a contract that will let a seller sign a contract and is binding and then try to work it out with the bank.

Here it is

Buyer acknowledges that the sale of the Property will not generate sufficient cash to pay off the mortgages on the Property and the other obligations of Seller with respect to this purchase and sale transaction. This Agreement is therefore contingent upon Seller's mortgage lender(s) agreeing to: (1) take a reduced pay off on its mortgage(s) in an amount sufficient such that the purchase price of the Property pays off the reduced amount of the mortgage(s), any other liens, judgments and other encumbrances on the Property, the real estate commission(s) owing to the Broker(s) and the other expenses of sale for which Seller is obligated under this Agreement, without Seller having to pay any additional sums; and (2) release Seller from any claim, cause of action, suit or judgment for the amount of the reduction in the payoff on said mortgage(s). In the event, the mortgage lender(s) do not agree to such reductions at least ____ days prior to closing, either Seller or Buyer may terminate this Agreement without penalty   to the other party. Seller shall proceed diligently and in good faith, using all reasonable best efforts, to provide documentation required by lender.

Why do agents send 10 unsigned offers to the bank when they could send the one offer the seller (who the listing agent works for, not the bank) thinks is best.

I think the best way to keep a buyer committed to the home is to have the seller committed to the buyer.

If the bank says no the seller can void the contract.

Lets get those contracts signd. Tell me any agent who likes to spend time showing homes and writting offers on homes that already have 10 offers on the table.

Alan Grizzle

Cell 706-344-7096 Office 706-867-0196

Chestatee Real Estate

View all local listings and foreclosures at http://www.SellingDahlonega

To sign up for my free service that will let you search the MLS with up to date information go to http://dahlonegahomesforsale.listingbook.com/

 
Posted by Alan Grizzle on 09/18/2009 08:42 PM   Comments (3)   Short Sales in the Sales Strategies / Tactics Channel   short sale  
Generate short URL
Post is included in group: Foreclosures & Short Sales
Post is included in group: Short Sales Pre Foreclosures Bankruptcy and More!

3 Comments on Yes a seller can sign a contract on a short sale before the bank says OK.

SEP
19
2009

Same with us here...as long as the sort sale addendum is signed by everyone get that signed contract sent to the bank!
12:32am • #1
650,291 Points Localism Sponsor Outside Blog

Often the seller does to want to sign as they want to see if something better will come in.
12:56am • #2
162,157 Points 2 Featured Posts Attended Rain Camp

Bob,

Why would a buyer stay committed to buying the home if the seller is not committed to selling the home to them? 

If we are not doing a short sale the seller has to sign to go under contract. They can not just schedule the closing without a signed contract while waiting to see if something better comes in.
6:19am • #3


What does the graphic say?
Leave a response…

(optional)
Spam Prevention:
 
Vacation%202011%20058 Rainmaker_large

Alan Grizzle

Dahlonega, GA

More about me…

Chestatee Real Estate

Address: 768 Crown Mountain Drive, Dahlonega, GA., 30533

Office Phone: (706) 867-7096

Cell Phone: (706) 344-7096

Email Me

Information and listings from a local Realtor and lifelong resident of Dahlonega. View all local listings and foreclosures at and www.SellingDahlonega.com


Listings

Links

Archives

RSS 2.0 Feed for this blog