Another Short Sale Contract Cancelled! Today has been another short sale kind of day. Not that it's any different than any other day, except that today is signficantly different for those sellers whose purchase contracts on their homes were cancelled.
Cancelled this time as in the buyers walked, thus cancelling the contract. They were obviously tired of waiting for th 2nd lienholder to locate the fax that had been sent 4 times! Are there ways to safeguard this from happening? Sure, there are Addendums tieing up their earnest money, ie keeping their feet to the fire.
But I wonder do these buyers know the anguish that sellers are facing trying to avoid foreclosure? Do they care? I hope so, because there are those buyers who write more than one contract on different homes, thus keeping those sellers captive while the buyers search for even more short sales to write purchase offers.
My buyer clients are discouraged from writing multiple contracts on different homes at the same time. As a matter of principal, first and foremost I tell them that this is simply frustrating for selling agents and unfair to those sellers hoping to avoid foreclosure. But, of course we buyers' agents are also working for our clients and oftentimes that means writing more than one offer.
So, I'm asking the masses. What's your opinion on multiple contracts on multiple homes at the same time? Your opinions are appreciated as always!
P.S. For a thorough discussion on short sales, http://www.realtor.org/archives/feat1200706
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