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Salvatore Poliandro
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Sal and Dawn Poliandro Families Helping Families for all your Real Estate Needs.
Short Sale Specialists - Helping Families Avoid Foreclosure! ... show more
Short Sale Specialists - Helping Families Avoid Foreclosure! ... show more
Salvatore Poliandro answered:
Hi Victor,
You "can" start the attorney review process any time that you want. My concern for the buyer is this scenario... should they start paying an attorney to "review" the contract, then the bank counter offers at a higher number than they are willing to pay, they just wasted their money.
Let's take a different scenario, a husband and wife own a property together, they decide to sell. A contract is presented to them by their Realtor. The contract is subject to both parties approval. Would we ever start the attorney review process without one of their signatures? Clearly we wouldn't.
The question on short sales goes deeper because we are not just dealing with a buyer and seller alone, the bank is their 3rd party. Short sales are very volatile, in my experience the first contract that we receive on a short sale only ends up closing about 60% of the time. There are many reasons why buyers change their mind. They are tired of waiting, they see a better house, the bank counters back to them at a price that is too high (to name a few). Joe is a perfect example of this situation. It really takes all parties working together, buyer, seller and their Realtors to hold these transactions together.
You "can" start the attorney review process any time that you want. My concern for the buyer is this scenario... should they start paying an attorney to "review" the contract, then the bank counter offers at a higher number than they are willing to pay, they just wasted their money.
Let's take a different scenario, a husband and wife own a property together, they decide to sell. A contract is presented to them by their Realtor. The contract is subject to both parties approval. Would we ever start the attorney review process without one of their signatures? Clearly we wouldn't.
The question on short sales goes deeper because we are not just dealing with a buyer and seller alone, the bank is their 3rd party. Short sales are very volatile, in my experience the first contract that we receive on a short sale only ends up closing about 60% of the time. There are many reasons why buyers change their mind. They are tired of waiting, they see a better house, the bank counters back to them at a price that is too high (to name a few). Joe is a perfect example of this situation. It really takes all parties working together, buyer, seller and their Realtors to hold these transactions together.
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