If I think I can trust the owners, which I do... I think the only issue is THEIR lender being OK with it.
We put it in the short sale addendum to allow them 60 days maximum. If their lender asks us to sign the affidavit and it doesn't specify any time at all then we can't honor the addendum and the sellers will have no choice but to accept it.
I just hope that putting it in the addendum isn't going to slow down the process of approval... The addendum is just between me and the seller's right? The P&S agreement is what the bank is working off of... As far as I know.
My agent is telling me it is OK and to not worry about it.
The Marie Souza Team - Top Selling on Cape Cod
Cape Cod Real Estate Services
And do not let your LO tell you it isnâ€™t important, he or she is not the one that will service the loan.
It was added to the short sale addendum that we would allow it but obviously if it would come down to it and we can't and we all have to agree to not allow the rent back to close then we would all agree to not allow the rent back.
I was and am a little wary that there is no language in the addendum specifying that... I just hope that it merely being mentioned in the addendum doesn't throw a wrench into everything.
It is unlikely it would even close early enough to become an issue.