Short Sale Buyer’s Strategy & Contracts

Credit and mortgage advice Forums Buying Your Home Buying a Home in Bay Area Short Sale Buyer’s Strategy & Contracts

This topic contains 0 replies, has 1 voice, and was last updated by  Anonymous 7 years, 9 months ago.



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    Anonymous

    Hi,

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    I’m in the market for a house in a neighborhood where over 50% of the listings are short sales. *All of the “Not Short Sale/REO” houses there are overpriced by comparison. *So it seems that to get a good deal on a decent house might require me*to get into contract on one short sale, while continuing to look and offer on others. *Potentially, I could have two or three short sale contracts going simultaneously, even though I’m only buying one house.

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    The CAR Short Sale Addendum*says the seller has the right to continue to market the property and present other offers to the lender. But there’s no clause that allows the buyer to cancel the contract at any time. *I know*I*could*add*an escape clause, but my realtor says it’s unlikely the seller’s agent would approve it.

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    Any suggestions on how handle this?

    *

    *



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