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Answers (5)
- Steve Mattison ABR e-Pro, "Ozarksagent"
- Contributions:114
My buyer had a similar situation a couple months ago. A couple weeks ago we were told the buyer that was accepted failed to provide the funds to close so we were being put into escrow with our contract, but the second had not approved the sale yet, so we may be months out from closing still, but just be patient, short sales are for the very, very patient who know that it will work out for them eventually.
- Susan Boyer, "Susan Boyer"
- Contributions:1
I would check with your agent but I think that your contract would probably be a "back up" offer. Meaning that the other contract was already accepted so they had to move forward with that. If something had happened on the buyers side that made it fall through, then they could then proceed forward with your offer. If your offer had been made before the other offer was accepted then they could have accepted yours making it a binding contract. Since they already had a binding contract, they couldn't accept yours. Sorry!
- shapiroamg
- Contributions:3058
Dont dwell and move on. Before you know it, you will find a better home and that short sale will seem like chicken crap.
- wetdawgs
- Contributions:26830
One can never know for sure, but it is possible the issue is that yours was a back up contract, rather than the primary contract. "back up" usually means if the other contract falls through for some reason such as the bank doesn't accept it, the financing fails or whatever.
- Bob Willett, "SacRELender"
- Contributions:194
This would be better in the Real Estate buying section. I could try to answer based on my knowledge of CA real estate law, but a competent agent in that market will do a better job here.
How do short sales work?
J. Baker
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