Short sale definitely does not mean quick sale. If you are considering buying a home that is presently a short sale, you should make sure that the following issues are addressed:
1. Make sure you can cancel the contract after 60 to 90 days if still no word from the seller’s bank on short sale approval;
2. Make sure that your contract deposit is lowered due to the uncertainty of short sale approval; and
3. Attempt to amend the contract to require that you conduct your inspections on the home only after the Seller’s lender has issued their approval to the short sale.
With approximately one third of the homes on the market with seller’s owing more on their mortgages than they can sell their home for, you are likely to come across a short sale on your home search.
Make sure your broker and attorney protect your interests with these provisions.
If you need assistance with this process, call THE LAW OFFICES OF WILLIAM J. REINHARDT, JR. at 718-377-8880 or send an e-mail to firstname.lastname@example.org.