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Nashville Short Sale - What is a Binding Agreement?

By
Real Estate Broker/Owner with Southern Living Realty Partners TN Lic# 266926

I know it is difficult sometimes for our Nashville short sale sellers to understand all of the mumbo-jumbo in our sales agreements, short sale addendums, short sale disclosures, disclaimer notice, additional required residential disclosures, etc. and the list goes on.  But one thing that should be crystal clear is that the Nashville short sale seller is the party to the contract with the buyer.  This is nothing new.  In the sales agreement, there is a buyer and a seller.  Just because the transaction is a short sale, these material facts do not change.  No seller, whether a short sale seller or not, should accept a supposed "contract" that is unsigned, without the required addendums signed that are listed in the contract, without earnest money, without proof of funds or an approval letter from the buyer's lender, without a buyer's name on the contract (no "to be determined") or without a date to close.  DON'T GO FOR THE OKEY DOKE!  Your transaction is still a legal transaction even though it is a short sale.  It just requires additional approval to close but it does not mean that the rules/laws have changed.  As I've said before, a short sale is a race against a foreclosure but don't get careless and reckless in your efforts to short sale your home. 

If you need information about a Nashville short sale, please visit our website at:  www.ShortSaleNashville.info  

Feel free to call me to discuss selling your home, short sale or not, at 615-751-6234.

 

Posted by

Southern Living Realty Partners Logo

Rhonda Burgess, Broker

615.554.0832

 

Comments (1)

Akil Walker
Bennett Realty Solutions - Bowie, MD

Hey Rhonda,

 

good information and thanks for positing. A short sale is a race against time.

 

 

Jun 30, 2010 01:10 PM