Northern Virginia Short Sale Quiz: Question #3
To clarify some of the major misunderstanding that buyers, sellers and real estate agents have about Northern Virginia Short Sales, I've decided to give you this quiz. We've already had questions #1 and #2. Now we are on to question #3. It's going to involve reading this scenario first.
Buyers and Sellers come to terms with their Northern Virginia Short Sale Contract. In the contract dated May 5th, they agree to the price and to make the settlement date in the regional sales contract on or before September 10th. The Short Sale Addendum reads that the Buyers will allow the Sellers until August 10th to deliver Short Sale Approval and they will be settle 30 days after the approval has been delivered to them.
The Sellers deliver Short Sale Approval to the Buyers much faster than anticipated on June 5th. The Short Sale Approval Letter states that Settlement must occur on or before July 30th. What date, per the contract, is Settlement to occur on or before?
A) August 10th
B) September 10th
C) July 5th
D) July 30th
Check back tomorrow for the answer.
If you are ready for Northern Virginia Short Sale Quiz: Question 4, click the link provided.