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Market changes while short sale drags on


               
2010 Sep 1, 2:58am   4,085 views  13 comments

by kimtitu   follow (0)  

Hi,
I put in a short sale offer in early July. It has been dragging for 2 months and still waiting for the response from the bank. I went with the listing agent so she can pull some string for me. Although my offer already factored in the downward change in the market, but nothing is for sure. What if the bank drags this on for 3-6 months and my low offer becomes a high offer(please forgive this subjective term) after 6 months because the market collapses(cross the finger). How do you deal with this type of situation? Any advice is appreciated.

Thanks
Kim

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12   kimtitu   @   2010 Sep 3, 7:30am  

Thanks for all good information. Yes. I do write a check for earnest money it is not cleared yet. It can only be cleared when the bank accepted the offer.

13   elliemae   @   2010 Sep 3, 9:47am  

unfortunately, you gotta use a realwhore for short sales. that's the system. even if you use your own, it'll drag on for some time. check your contract - there's usually an acceptance time frame and it's probably long past now.

If they accept your offer in the future and you're not happy with the price at that time, don't pursue the place.

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