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Jeff,
It's great you shared your document. After the nightmare that I went through on this last short sale. I drew up a Commitment Addendum that will be required to be signed on any short sale that I offer on. If you notice in my more recent posts, I reference this. If the listing/seller and buyer's agent don't want to sign it, then I move on.
The way I see it, my money is good as the next guy or gal. I know the lenders don't play by the rules but, if I can't get a commitment from the other parties, then why I am I here? I set it up for added security and to make sure milestones are documented. To me, it's about who wants to play ball! If the seller needs out, and the listing and buying agent want a sure transaction, then let's get the show on the road.
Cassandra,
That's the worst part about the transaction. You're committed and some others could care less. In my negotiating and transactional future, I'm trying to avoid that. I've always known that for the most part, these lnders have no sympathy for the buyers and more often than not the sellers as well. Because they have deep pockets, they can afford to do this. That's pretty evident with the glut of homes on the market. However, that's a known hurdle going into a transaction. But when the negotiating parties and the sellers give a lackluster effort at their jobs at someone else's expense, then that's another hurdle unaccounted for.
It's similar to watching an Olympic 100 m hurdles race where someone has just placed another hurdle 3' behind the first hurdle.......nothing good can come of it. Watch the bodies fall.
+1 ! Many times it is not the buyers fault, often they are only going by what their agent tells them. I use a buyer/buyers agent acknowledgement sheet that explains the short sale process and both buyer and buyers agent are required to sign.
I think from Tim's posts, he is probably in investor review but at this point we don't know who the investor is to give him any direction on time frame.
Jeff, your Acknowledgement sheet is a great idea!
Buyer and Buyers Agent Disclosure Please make sure buyer is aware of all items below before making offer: Buyer must be approved with lender and provide letter on lenders letterhead or provide proof of funds on bank letter head with all offers
Buyer:____________________________________________ Date:_________________
Buyer:____________________________________________ Date:_________________
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• Closing date to be at least 90 days from executed offer from buyer and seller
• All offers must be on a Florida Association of Realtors AS-IS with right to inspect contract
• SETCO Services, 7714 Front Beach Rd, Unit C, Panama City Beach, FL 32407 shall conduct the closing. Escrow deposit checks should be made out to SETCO Services
• Only one offer will be submitted to the lender for approval, should a multiple offer situation occur, seller may choose any offer regardless of order in which received. Once seller accepts offer, all other offers will be held, pending outcome of sellers accepted offer. Listing will be changed to PENDING in MLS
• Buyer agrees to close within 30 days of lender approval
• In the event that the seller’s lender(s) present a counter offer to buyer, buyer has 2 calendar days to respond by accepting, counter offering or cancelling contract.
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