Home Buying in Orlando>Question Details

Ava Lewis, Home Buyer in 32822

Short Sale Condo

Asked by Ava Lewis, 32822 Tue Aug 19, 2008

I have a contract on a short sale condo. The seller's bank required that I close by 8.18. It states that the contract is void if the money isn't wired into their (seller's bank) by that date. My bank needed more time due to FHA regulations on the short sale. We (my L.O. and Realtor) asked for an extension and have been waiting patiently. No word from them yet. My lease ends soon and I'm a nervous wreck. Since I haven't closed by their 8.18 date, will they just move on to the next contract? OR......Can I have my realtor call them and say never mind -- then look for something else???

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No word yet....My realtor is still waiting for them to get back to him....
0 votes Thank Flag Link Tue Aug 26, 2008
I'd love to know what happened... short sales are difficult and you need to deal with an agent who is well versed in them.
So, did you get it closed or what?
0 votes Thank Flag Link Sat Aug 23, 2008
First Question: If you have an approved short sale from the bank, and have asked for an extension in reasonable time, you should be alright. The Bank wants to move on but a week should not blow up the deal. However, I would have my agent pressing the listing agent to get an answer!

Second Question: Can you have a contract on two properties? Yes, but you run the risk of having to buy to properties! or losing deposit on one.
0 votes Thank Flag Link Tue Aug 19, 2008
If it is due to your lender not having final loan approval, in Florida, you are probably not in default. Of course, it all depends on how many days you had to get your loan approval and the terms covered in your contract. Without seeing your contract, it is hard to give you an answer because there are so many time deadlines in a contract for sale and purchase.

However, I would contact an attorney to make sure you have done everything possible to get your deposit back. Short sales are terrible and difficult to close.
Web Reference: http://www.orlandonest.com
0 votes Thank Flag Link Tue Aug 19, 2008
If they required you close by 8/18 and you didnt get a signed extension then you are in default. you cant just walk away. If teh problem is because the seller or their bank held up paperwork then you shoul dhave more time, if not you need to read what happens if you do not close on time, if you are done, then request a release in writing request your deposit back. The listing agent should be asisting you with this, he should have a contact at the bank he can talk to. if not ask for a supervisor. good luck
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Aug 19, 2008
Can an individual have contracts on 2 different properties?
0 votes Thank Flag Link Tue Aug 19, 2008
Thanks! I'll review the contract.
0 votes Thank Flag Link Tue Aug 19, 2008
Usually, a buyer has the option to walk away from a short-sale. On the short-sale addendum to the purchahse and sale contract- there is a section where the buyer/seller has a certain date to accept or reject the offer and return of any deposits. In general, the lender sets the rules- best to refer to your agreement. Lenders are notorious for taking their time in responding.
0 votes Thank Flag Link Tue Aug 19, 2008
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