Asked by Sylvia Barry, MAS,CIPS,SRES, Marin, CA • Sat Aug 25, 2007
Short Sale seems to be a hot topic now due to the misfortunate of the sellers but with a lot of allure to buyers and realtors (whether they get into the short sale business by default or by design). The question I have is â€œwhat is the common practice in your area when you write up an offer about what to do with deposit if the buyers removed all contingency including loan contingency and then the loan fell through because of loan condition chanegd due to the extra long escrow period and the loan condition changed dur to no fault the buyer after the loan contingency is removed.â€ This is to address the contract before making an offer NOT after fell through. How do you protect your client? Both Seller or Buyer?
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