I am considering buying a short sale home in Northeastern Ct. My brother in law siad that as a additional
provision I should include` Buyer will obtain approval of this contract within 5 days os sellers acceptance by buyers attorney and buyers bank`, and also `This contract is contingent upon approval by buyers attorney andbuyers bank`. However, both the bank and the attorney are telling me that I do not need to include the part which reads `by buyers bank `.They are saying that the bank will not issue an opinion to the contract.Cananyone give an opinion? Is my brother in law correct, or is the bank and the attorney correct? My realtor is also agreeing with the bankandthe attorney.
If you are obtaining financing, the contract will already be contingent on that. (and should already say that), also have your lawyer read it before you sign anything. (always get your own lawyer). Secondly, good luck with the 5 day clause. Usually in Short Sales, the sellers bank dictates most of the terms. As long as you have your lawyer review before you sign, you should be okay. If there are changes to be made, your Realtor should be negotiating for you. Good Luck and hope you get it.
I would tend to rely on an attorney's opinion, however, the attorney in this case does not represent you. In a real estate transaction of this nature you may want to have your own attorney who represents your interest. The money you are saving on the property due to a short sale should allow you some extra cash to protect yourself in this transaction. Then you can make sure all the provisions are in your best interest. IF you need an attorney please feel free to call me. Joe
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