Posted by Natalie-VA on April 06, 2008 at 15:00:01:
Gerald,
You said, “The bank has to accept a short sale, and if they do you are not dealing with the owner of the property.”
Can you clarify what you’re talking about? It’s my understanding that when working a short sale, you are working with both the lender AND the owner.
Also, I can’t see how a contract would still be valid with the owner if the lender turns down the short sale. Most contracts have clauses that require the seller to provide clear title. Also, when people write contracts in the hopes of doing a short sale, they usually put in a contingency for lender approval. Either way, I can’t see how the contract would still be valid if the lender says “no”.
The bank has to accept a short sale, and if they do you are not dealing with the owner of the property. If you made a offer with the seller and the bank has not agreed to a short sale, then your offer may still be valid with the owner of the property.
Jerry Cassandro
Coldwell Banker Real Estate
Foreclosure Division
Call me if I can answer any more questions for you.
818 395-9886
Its called a CYA LETTER…get that signed by the seller along with your other forms and contracts stating you are not making any promises and guarantees and that this property may still go to sale.