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Answers (4)
In the San Francisco Bay area, everything depends on the bank's agreement to the puchase price. The homeowner really doesn't have the last word.
If the listing agent is well versed in the process, that's half the battle. If not, I'd plan on something else
If the listing agent is well versed in the process, that's half the battle. If not, I'd plan on something else
- Philip Gleason, "Philip Gleason"
- Contributions:151
If the driving force is the tax credit stay away form short sales. It takes to long and there is not enough time left to get the proper signatures. That is if you started today.
- Philip Sencer, "Philip_Chicago"
- Contributions:551
Yes there is a bit of uncertainty, so check with your attorney, but I believe it is when you have a fully executed contract signed by the owner with an 'acceptance date' filled in on the contract. The contract can also have a Rider that requires the approval of the lender......which can take months and for which there is zero guarantee that they will agree or that it will close by 6/30.
I suggest keep looking. You can always write more than one offer if you have an 'out' on the first contract. Speak with your attorney.
philip
I suggest keep looking. You can always write more than one offer if you have an 'out' on the first contract. Speak with your attorney.
philip
- Michael Emery, "MikeEmery"
- Contributions:7298
There is some debate as to whether the signature of the owner is good enough or whether both the owner and lender have to sign. Personally I think it's when both owner and lender have agreed to the contract, which becomes the final date of acceptance.
What's more important is that historically maybe 20 percent of short sale contracts ever reach closing. So even if you had acceptance by the homeowner (and even sometimes from the lender) there can be many other factors (2nd mortgage, unpaid taxes, inspection, cloud on title) that could prevent you from closing. And chances are, when you find all this out, it's going to be to late to find another home.
Personal opinion, if you want the tax credit stay away from short sale homes.
What's more important is that historically maybe 20 percent of short sale contracts ever reach closing. So even if you had acceptance by the homeowner (and even sometimes from the lender) there can be many other factors (2nd mortgage, unpaid taxes, inspection, cloud on title) that could prevent you from closing. And chances are, when you find all this out, it's going to be to late to find another home.
Personal opinion, if you want the tax credit stay away from short sale homes.
When is a contract considered a sell in a short sale, when the bank or the owner sign?
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