donnaattusca…, Home Buyer in Boynton Beach, FL

If I am going to sign an agreement to short sales home what is stopping my buyer from canceling and finding another place and I am stuck

Asked by donnaattuscany, Boynton Beach, FL Wed May 22, 2013

Looking for another buyer and don't make the 2013 deadline. Can I have backup contracts?
How is this done.i thought if I am in contract I cannot look for another buyer but they can back out so what can I do. How do I put it in a new contract

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Answers

5
Donna,

You have no control over what a buyer may do so it is important to enter into a contract with a buyer that is committed to the property and understands that the short sale process can be tedious and frustrating. You certainly should be looking for back-up contracts but the primary contract needs to be written in such a way that allows you to do so. Very easily accomplished on both fronts.


Hope this helps....




Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
tom@tompriester.com
0 votes Thank Flag Link Thu May 23, 2013
Definitely get a deposit. That way, they won't forget to tell you if they're terminating the contract. Also, make the contract binding for, at least, 90 days. If they do walk, you can always get a replacement buyer. Feel free to call with any questions.

Eli Givoni
Short Sale Department, LLC
561-361-1909
givonieli@yahoo.com
http://www.shortsaledepartment.com
0 votes Thank Flag Link Wed May 22, 2013
There really isn't anything to stop a buyer from walking away, You, as the short seller, are looking for some sort of guarantee. And, potential short sale buyers would also like some guarantees.
They would like to be sure that the short sale will be approved, that it will be approved and closed in a timely fashion and that it will be approved at the same price as their original offer and not be asked to increase their offer.

Have faith!
0 votes Thank Flag Link Wed May 22, 2013
The short sale addendum helps you with the timelines, even in Regular sales buyers can walk in the inspection period, today most buyers will be unwilling to walk anyway as the inventory is tight. You need to just start the process is the best way to beat the deadline. Worrying about a buyer walking away and not moving forward is getting you stuck in one place and time is ticking. You can take all the escrow you want but the inspection period gives the buyer an out. The short sale negotiator representing you shoud keep the buyer's agent informed as the process develops and you and your negotiator needs to work fast and present documents as they are needed. I list and negotiate my own short sales and have been successful in closing all but one of my files which we did got approved but the sellers changed their minds and tried modification, last I heard they have a final judgment on them. Teddy 561 452-5963
0 votes Thank Flag Link Wed May 22, 2013
Make sure that escrow is taken at the time of contract, In my experience buyers that place a decent escrow deposit are less likely to walk away. However, you might want to accept back up offers so that you have another buyer in position if the one under contract walks.
0 votes Thank Flag Link Wed May 22, 2013
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