I focus my business on listings. That being said, I have countless conversations with buyers and their agents regarding expectations. I believe the listing agent needs to communicate an outline of the transaction up front. Such items include;
a)This property has a single mortgage loan with an investors needed approval,
b)This is a lender who typically will not even assign a negotiator for three months, then take 2 to 4 months to close
c) This has PMI insurance (if seller is not willing to take on promissory note or pay -no deal)
My point is, buyer this is possible time lines (The short sale addendum should show these realistically)
This property could go into foreclosure during short sale process.
The bank will certainly have a addendum or two to sign.
I personally Pend the sale when offer is accepted by seller. All others are back ups only if first offer fails.
You should put in a escrow check on the acceptance of Seller, not bank. Hold this escrow with a realtor's trust account so LF475 statues are in play. The point is the buyer serious and in for the time lines discussed.
Use a Far 9 contract and Zero the repairs, mold, and add a right to inspect addendum. It has better protections for all.
Use the new Short Sale addendum from the FAR BAR comprehensive addendum's which is far superior to all others I have seen.
The new FAR BAR has to many loop holes and time lines....discuss another time.
It is all about informing buyer upfront so that they can make a decision to move on or stay before they sign.
Chris Snyder PA
Comments(0)