Ok, all you short sale experts...
I got an offer on my listed property, which is a short sale, and it was a contingent offer with a 48 Hour Right of First Refusal. My seller accepted and signed off, as well as the bank also took the offer and signed off. That is the first short sale I have ever seen a bank accept with a contingency.
I have done quite a few short sales and have been very good at them, but came accross a problem that I have never seen before. Here is the dilema...
Today, I recieved another offer on my listed property. Knowing the first party has 48 hours I notified the other agent, and he didn't think the 48 hours started yet. I don't know the correct answer to this. My seller has already signed off and accepted.
Does the 48 hours start after recieving the offer with the seller or does the 48 hours start with both the seller and the bank?
Now that the bank has not foreclosed on the property, the only owner of the property is still my client the seller. Anyone know the answer to this riddle, cuz its Sunday and the bank isn't open today and my broker is fighting floodwaters in Moorhead.
Dave Werth
Comments (4)Subscribe to CommentsComment