You should always have a PNS in place when submitting a short sale package to a lender, UNLESS there is an impending auction and the offer is needed to show the lender that the home is under contract.
Maryann Little, VP Mitigation
Boston's Premier Buyer Brokerage
Carey T. Hansen
"Your Real Estate Agent today, tommorow and into the Next Generation"
1243 Commonwealth Ave.
Allston Ma 02134
Fax : 888-875-6973
Licensed Real Estate Professional
P&S needs to be signed and should have a short sale contingency...
do you have a real estate agent or lawyer to advise you or are you on your own?
Pls call if you have more questions!
Sandy Johnson, ABR
Broker - ACME RE.
Licensed in Massachusetts & New Hampshire
However, you should make sure that your commitment letter date from the bank (if you are getting a mortgage) is far off to give the lien holders time to settle your claim (for a lack of a better word).
Here competent legal representation and due diligence are important to keep track of all your deadlines and file for extensions when needed, especially if the property has 2 mortgages on it.
Boston Luxury Residential, LLC
Yes you do and than handed over to the bank for approval. Once the bank has a signed P&S they could review it but still counter at the same time as well. In my experience I would give it no more than 3 months MAX.
Have a lawyer review the P&S beforehand to make sure that it's worded correctly, there cannot be room for error in the P&S.