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I am in contract to purchase a short sale. I put a deposit down 3/27/09, locked in @ 4.5% till 7/13

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I am in contract to purchase a short sale. I put a deposit down 3/27/09, locked in @ 4.5% ending 7/13/09. Contract states I can CXl if not closed by 6/30. Seller has 2nd lien unresolved for $40M. What to do? Do not want to lose my 4.5% rate. Can I still find 2nd property as back up in time? Any advice?

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June 06 - San Antonio

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Terry McDowell, "T.J.1"
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Terry McDowell, "T.J.1"

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Does your agent know this? You need to have a discussion about this and let them know you're not willing to wait around. You're the client and the one in charge.

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June 08

Travis Duncan, "TravisDuncan"
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Travis Duncan, "TravisDuncan"

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That's got to be $40k right? I don't think someone would be asking about a 40 million+ dollar short sale on here, or would they?

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June 06

jkonstant
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jkonstant

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A second for $40M? Your agent should have written the offer with language allowing you to terminate the contract without loss at anytime prior to full lender approval. This way you can contnue looking and walk away should something satisfactory become available. Many buyers simply lose patience and find that another property will do just fine. They simply find the original is not so appealing with the long wait. As long as the bank thinks they have months to act, they will make less effort to act quickly.

If you do not have this language in the contract, simply threatening to walk might push the agents and the seller into proactive action rather than pushing the bank daily for updates and action. Yes daily. Do not allow them to hide behind the "I don't want to be too pushy" BS or they will.

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I am in contract to purchase a short sale. I put a deposit down 3/27/09, locked in @ 4.5% till 7/13

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Question home bid...??

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