A Condition of A Short Sale in Phoenix, AZ
Condition of Short Sale
Check this condition of short sale that I got on a counter to my contract. I represented the buyer on an offer for a short sale property and the listing agent had this as a condition of sale. ‘Earnest money to be non-refundable for 45 days after contract acceptance and escrow to be opened upon acceptance of seller.’
The purpose is to try and detour buyers from making numerous offers on different properties. Then bailing on everyone of them except the one they ultimately want to call home. Like it or not it did make my buyers rethink making too many other offers.
I find the market evolving as everyone is trying to find the best methods of representing their clients. We are trying to find the shortest route to successful closings on these short sales. With all the banks doing their own thing it is taking some time to get through this learning curve. For me having a professional Short Sale negotiator seems to be the quickest. He has talked with most of the Mortgage holders already, in some cases has closed deals and knows these guys by first name.
Got any other terminology or conditions of contracts for short sales you have seen? I would love to hear it.