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Home Buying in 90212 : Real Estate Advice

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  • Local Info1
  • Home Buying4
  • Home Selling1
  • Market Conditions0

Activity 4
Sun Dec 17, 2017
Lilylily937 asked:
What does CA law say about this? Is the contract still valid in this situation? can i back out from the contract?
0 votes 0 Answers Share Flag
Wed Jul 31, 2013
Annie Ritz answered:
Hi Pattymatt2003,

The trick to purchasing a short sale is to make sure the seller and seller's agent have received approval from the bank and an approved minimum price. As a part of the process, the bank will do it's own approval and set a minimum price it will accept. If this happens after your offer is accepted and is higher than your offer price, you will have to come up in price or step away from the deal.

Short sales can be a bit of headache - they take several months and involve three parties (the bank, the seller and the buyer). That said, in this competitive market, more people are turning to short sales.

Good luck!
... more
0 votes 11 answers Share Flag
Fri Apr 12, 2013
Rich Homer answered:
Not normal. Best next action is to ask a local Mortgage Broker by clicking "Find a Pro" in the main menu at the top of this website.
0 votes 8 answers Share Flag
Fri Jan 4, 2013
inna ivchenko answered:
This question was posted in 2008, I'm curious if a buyer bought a pocket or an active listing? :)
0 votes 4 answers Share Flag
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