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Replies (4)
- Tom McCarey, "Tom McCarey"
- Contributions:299
Shawn Michael Thomas,
You are living within the confines of the headaches that typify short sale transactions. At this point, as you are engaged in a legal contract. As such your best course of action is to consult with your attorney to determine what direction you might go. Viewing this situation through the prism of info that you have provided, it appears likely that you have options available to you due to the bank's failure to perform. But again, this is an issue that best rests with advice you gain from your lawyer.
All the best,
Thomas McCarey
The Real Estate Lounge Chicago with @properties
Luxury Home Marketing Specialist
Accredited Buyers Representative
You are living within the confines of the headaches that typify short sale transactions. At this point, as you are engaged in a legal contract. As such your best course of action is to consult with your attorney to determine what direction you might go. Viewing this situation through the prism of info that you have provided, it appears likely that you have options available to you due to the bank's failure to perform. But again, this is an issue that best rests with advice you gain from your lawyer.
All the best,
Thomas McCarey
The Real Estate Lounge Chicago with @properties
Luxury Home Marketing Specialist
Accredited Buyers Representative
- Noah Seidenberg, "Noah Seidenberg"
- Contributions:115
I would make sure you view your original contract to see if you are able to get out of this or not. You should be able to put in a request on the extension that you can back out if you haven't heard in a certain time frame, or only request the extension for another week or two weeks - whatever you're comfortable with.
Noah Seidenberg
http://www.noahseidenberg.com
- Joe Zekas, "NewHomeNotebook"
- Contributions:362
The previous answers didn't address your specific question: "I'd like to put in a contingency that the offer can be rescinded if we gain an accepted offer for another property. Has anyone ever done this? "
No seller in their right mind is going to agree to that. Would you lock yourself in if the seller wanted an agreement that rescinds your contract if they found a different buyer in the meantime?
No seller in their right mind is going to agree to that. Would you lock yourself in if the seller wanted an agreement that rescinds your contract if they found a different buyer in the meantime?
- Fydell
- Contributions:514
Now I am not a lawyer so I suggest you consult with one. However in New Jersey and many other states you have the right to reject an accepted contract without cause pending review by your attorney. The Attorney review period extends for 3 business days from the date of receipt of the fully executed contract by attornies for both parties. Obviously your attorney does not have the contract as yet
But i repeat consult your attorney
But i repeat consult your attorney
short Sale with Contingency
They are asking for another extension. I'd like to put in a contingency that the offer can be rescinded if we gain an accepted offer for another property. Has anyone ever done this?
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