if i am a first time home buyer and has a home under contract which is a shortsale while udenr contract if i see another property that i like can i

Asked by Lewis, Blakeslee, PA Thu Jul 15, 2010

be under contract with that other property since shortsales take too long and normaly banks are unfair with those property by having a buyer waiting all that time when they know they are not ineterested of selling the home at a certain price and also is there a law for short sale the bank should know wether they will sale the home and for what price and should have a time limit instead of having someone waiting all those time for response ccan someone sue the bank for loss properties

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Kris Collis’ answer
Kris Collis, Agent, Brodheadsville, PA
Sun Nov 28, 2010
In Pennsylvania, you will want to add the Short Sale Addendum to your Agreement of Sale stating the latest acceptance contingency date you are willing to accept. Should the bank not respond by that date, you may sign a Release of Sale and receive your deposit back.
Web Reference:  http://www.kriscollis.com
0 votes
Alan Openshaw, Mortgage Broker Or Lender, Southampton, PA
Thu Jul 15, 2010
Hello lewis,

If it is a HAFA short sale it should be done in two weeks once the forms have been submitted. If not 60 days seems to be the norm.
If you are priced right there should be no problems but I would strongly advise againstsigning another contract unless youy intend to buy both.


Alan Openshaw
Cornerstone Lending Inc
Office 215 953 0800
Cell 267 992 7276
0 votes
Voices Member, , Warren County, NJ
Thu Jul 15, 2010
You can withdraw your contract depending upon how the original contract was written and if the acceptance contingency date has expired. Your deposit check should be returned to you as legally it should not have been deposited into the escrow account until there is an executory Agreement of Sale. Please feel free to contact me should you have further questions or concerns
0 votes
Susan Fitton, Agent, Kennesaw, GA
Thu Jul 15, 2010
Let me first say that it is not unusual for a buyer to withdraw from a short sale that has gone on too long. How this would be accomplished totally depends on how your original contract was written. Depending on the standards for your state, there is generally a place in the contract that stipulates whether you can or cannot enter into other contracts while that contract is in force. It would also depend on how the original contract was written in terms of time frames for response from the current mortgage holder (if specified at all) as well as your closing date. Again, it is not unusual for a buyer to withdraw from a short sale that has gone on too long but you will want to make sure that you do not do anything that will breach your contract, especially if earnest money is on the table. Requesting a termination and release on the original contract can be a straightforward process which would just cancel out the original contract.

Or are you wishing to keep that contract in place while you try for this other property? This could put you into a risky situation if you get acceptance on both.

I suggest that you contact the agent that wrote up the original contract on the short sale to go over your options as each case is very specific, dependent on how the contract was written.
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