Home Buying in 92606>Question Details

Greenmoon, Home Buyer in Irvine, CA

Is home inspection contingency (17 days) for short sale in Irvine, CA counted from opening Escrow or from getting bank apprvoal?

Asked by Greenmoon, Irvine, CA Wed Nov 7, 2012

Interested in a short sale In Irvine, CA, is home inspection contingency (17 days) counted from opening Escrow or from getting bank apprvoal? Thank you very much

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Answers

12
The contingency periods begin when you have written bank approval.


Best of luck to you!

KAwain Payne, REaltor
0 votes Thank Flag Link Wed Nov 7, 2012
The contingency period of 17 days starts once you get official written approval from the bank. Good luck with your short sale.
0 votes Thank Flag Link Wed Nov 7, 2012
Thank you all very much for the help!!
0 votes Thank Flag Link Wed Nov 7, 2012
Its hard to state without seeing how your agent did the contract for you. If they are looking out for your best interest I would hope they included a short sale addendum that stated all time frames begin when buyer receives written notice of the short sale approvals in writing.
0 votes Thank Flag Link Wed Nov 7, 2012
From the Date of Acceptance
0 votes Thank Flag Link Wed Nov 7, 2012
Hi Greenmoon,

That would depend on what your contract states. Your Realtor should have done the Short Sale Addendum (C.A.R. Form SSA) when you submitted your offer to the seller. Look at the SSA and see if your Realtor indicated contingencies will start once you have written approval from the lender(s). Hopefully that is the case. And, if so, the contingency period would start on the date the lender(s) gave written approval of the short sale.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Wed Nov 7, 2012
The inspection generally is from the date of the contract, however, in the case of a short sale, the contract is "on hold" until the approval is received from the lien holder(s). The lien holders will dictate on the approval letters when the sale must close. Generally they give from 30 to 45 days to close escrow. Most lienholders have recently extended this to 45 days. Inspections have nothing to do with when escrow is opened, but are per contract. In this case, the 17 days would start when the approval letter is received and the contract is no longer "on hold."
0 votes Thank Flag Link Wed Nov 7, 2012
I would check with your agent and possible the broker. Once you get the short sale approval the agent opens up escrow say on Tuesday and the first day counts Wednesday as day 1
The 17 days depends on your offer you made in the contract If you put 17 days then that is what you have or made no change to this as it defaults to the 17 days. If you put a different amount of time say 14 days then that is what you have
Good luck on your offer

Ingrid Ski Realtor
949-874-0432
OCAreaHomes@gmail.com
0 votes Thank Flag Link Wed Nov 7, 2012
The 17 days inspection contingency is not a fix number; it is negotiable. It depends on the terms in the signed purchase agreement. The short sale addendum applies for short sale transaction. I need more information to be able to answer to your questions. Feel free to call me at 562-363-5280.
Christina Valkano
Real Estate Broker
0 votes Thank Flag Link Wed Nov 7, 2012
Hi Greenmoon

Unless anything is written in your contract to the contrary, your 17 day contingency period commences the day after you receive written short sale approval.

Good luck,

Barbara Grandolfo
0 votes Thank Flag Link Wed Nov 7, 2012
When writing an offer for a short sale you should use a short sale addendum form. On this form you state when the time periods will begin.
Good luck,
0 votes Thank Flag Link Wed Nov 7, 2012
Clock would start ticking upon bank approval.
0 votes Thank Flag Link Wed Nov 7, 2012
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