Foreclosure in 17331>Question Details

Bran20105, Home Buyer in 17331

short sale addendum

Asked by Bran20105, 17331 Tue Jun 26, 2012

hi i place a bid on a short sale home back in april. June 20th or before is the date we've ask the sellers bank to respond by, with mortgage financing in place by June 27th and settlement by July 27th or sooner. do i need to resubmit anything or change dates. i was told last night by my agent that the FHA appraisal was ordered and they are waiting for values to come back. my agent says i dont need to do any more paper work . but the last thing i want to do is to lose this house to a backup bid just cause my paper work is out of date. do i need to extend the dates

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4
Please pay attention to Mrs. Burk. She has stated some important facts! Stay ontop of the dates! It does not hurt to do extra paperwork and get addeniums signed. Better safe then sorry right?
0 votes Thank Flag Link Wed Jun 27, 2012
Both of the agents who have answered your question have given good & well-intentioned information and opinions, for the states in which they are licensed (neither of them is a PA licensed Real Estate Agent). Being a PA licensed agent, neither I, nor any other PA agent, can ethically give you advice that would be contrary to your agent's advice while you are contracted with that agent. Having said that, I CAN answer your direct question by saying this (but the person you SHOULD ask this of is the Broker for whom your agent works): In Pennsylvania, in all Real Estate Contracts, all dates ARE OF THE ESSENCE. This means that, if a specifed date has passed, or is about to, then you must have an Addendum stipulating that all parties agree to a specific, extended date for whichever event was stipulated for that date. How this is handled in your specific situation would be at the discretion of the Seller, the Bank, and the Real Estate Broker, through your agent's efforts. Again, you need to talk with your Agent's Broker to find out how this needs to be handled. Another option would be to consult with a Real Estate Attorney to get the proper legal advice. I hope you get it all worked out properly and I wish you good luck with your transaction, with no more bumps in the road!
0 votes Thank Flag Link Tue Jun 26, 2012
I am not aware of any other paperwork that is required. You might want to find out if the bank is even taking back up offers. Many times they won't, they negotiate one offer and if that falls through, then and only then can another offer be submitted. If that is the way this bank works it should give you some peace of mind, but it seems to me you only need to agree to the price at this point.
0 votes Thank Flag Link Tue Jun 26, 2012
i do know for a fact that they are takeing back up bids. when i first palce my bid back in apirl the Status on the house went for active to ACTIVE-PENDING-TAKE BCKPS.
Flag Tue Jun 26, 2012
seems like your agent is on top of things...one of the FIRST things the bank/investor will do when the offer is accepted is to give you a letter of Short Sale Approval....in that letter they will specify the date that closing needs to occur.....

YOUR lender, on the other hand will need an addendum extending the closing date once the offer is accepted to a more realistic closing date.....and you will need this once the short sale approval letter has been received
0 votes Thank Flag Link Tue Jun 26, 2012
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