Home Buying in 10941>Question Details

Mrs, Home Buyer in Buffalo, NY

I want to buy a short sale in FL but the agent tells me I need to sign a short sale addendum which clearly

Asked by Mrs, Buffalo, NY Sun Sep 14, 2008

states that even if the holding lender takes my offer they can still hold up the closing to wait for a better offer and the neither the lender or the realtor are liable for any money I lay out for applictions ,inspections so on. The agent claim the board of realitors of fl requires this addendum. Can you enlighten me as to what required. I didn't put an offer in

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I dont know if it is the board of realtors but yes it is common to sign that form. buying a short sale is no picnic nor guarantee, it is said that only 1 in 10 short sales close. yes you would have to lay out the money for the home inspection and mortgage application. and yes they can keep taking offers until the time it is signed and accepte dby the seller AND the bank. then you can proceed to closing. expect a 3-6 month wait for an answer anyway.
Web Reference: http://www.ScottSellsNH.com
1 vote Thank Flag Link Sun Sep 14, 2008
It's a common requirement. Same way in most states.

Web Reference: http://www.RemoRealty.com
0 votes Thank Flag Link Wed Jan 14, 2009
What is required for a short sale is exactly as has been described to you. It is the same in every state, but is certainly worth the wait and the risk.

Feel free to contact me off line at Gail@GailGladstone.com if you wish to personally discuss the issues.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Mon Sep 15, 2008
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