CDPE, RDCPro, SRES, e-PRO, Master's Club
The Buyer in a Short Sale Listing must agree to the following terms (see our customized Short Sale Addendum below for actual terms and contract language)… 1) Buyer must deposit $1000.00 earnest money with the title company of our choosing and this earnest money is non-refundable for 90 days (the average amount of time it takes us to get a Short Sale approved) a. Our Seller only commits to one Buyer and we expect the same commitment level from the Buyer. 2) Buyer must pay for a home warranty should they want one, neither the Seller or the Seller’s lender will pay for the cost. 3) Buyer shall close escrow 30 days (a) from issue of the Agreement Notice (notice from Seller and Seller’s representative that the Short Sale has been approved by Seller’s bank). a. We understand that many mortgage brokers cannot close a loan in the current mortgage market in 21 days. Please notify us up front if this is an issue for your Buyer as we have several recommendations of lenders that can meet this deadline. 4) Pre-Approval Letter from lender must be included with all offers. 5) Title Company to be Seller's Choice. Tips on How to Submit a (Good, Clean) Offer 1) Include the seller executed Addendum A that is attached to the MLS listing. Example of the Addendum A (click here) 2) Page 1 of the contract 1.D Close of escrow to be 30 days or sooner from date of 3rd party acceptance. 2.C (2) Be sure and "check" FHA or VA if your buyers loan is a FHA or VA loan. 3) Page 2 of the contract 4.A (1) Most banks will pay for Pest Inspection, However, they will not pay for any Section 1 repairs. 4.E (5-6) Do not request the bank to pay for a home warranty. If the buyer would like a home inspection, mark "Buyer to Pay". 4) Page 3 of the contract 8.B (1-5) Unless included in the MLS listing, all personal property items are not included in the sale. 5) Page 6 of the contract 25. E Add Short Sale Addendum and Addendum A. |
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