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Short Sale Buyer Info

Posted by K on March 15, 2010 at 5:13pm
I am recently involved in a short sale and have been looking at this site. I made a purchase agreement with the Seller and got bank approval. I had my inspection done, everything was fine. Two days later the Seller's agent sent me an addendum that the sale was contingent with the banks approval and no promissory note. I will not sign that, seeking advice of a real estate lawyer. I have put down over 2000 dollars with Inspection, loan application, etc, and now seller wants me to sign. I would not have done the Inspection having thought that it wasn't a done deal. The contract clearly states that a home inspection will be done within 10 days of acceptance. I thought I had acceptance. I was told everything was accepted and now the homeowner wants this added. I think "buyers beware". I kept telling the agents that it was between the bank and seller, why would I have to sign that. I believe sellers are looking for an out of contract if I sign. I was told I could go for breach of contract, and force sale of house....Any help would be greatly appreciated seeing that the agents aren't doing there job. Thanks!
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Comments

  • Kevin Vitali March 17, 2010 at 8:59am
    Well you have a fully executed purchase and sales contract. Definitely seek the counsel of a real estate attorney. Sounds like you could go for breach, but it would be a little hard to force a sale if the bank is not on board and secondly most sellers who are in a short sale have no money to go after for damages.

    You definitely
  • K March 16, 2010 at 3:26pm
    Thanks for your help! Crazy thing is that the orginal contract has nothing in it about a short sale or anything about contingency of bank approval. There agent really dropped the ball on this one.
  • Wendy Rulnick March 16, 2010 at 11:45am
    K - I am sure you are not required to sign it- but you should seek legal counsel. It might be very hard to force a seller to accept any terms in an approval letter.
  • K March 16, 2010 at 11:23am
    They are asking me to sign an addendum to the contract that says it will now become null and void if the bank wants them to sign a promissory note, or goes after deficiency. I don't think its something that should be added to contract this late in the game.
  • Wendy Rulnick March 16, 2010 at 7:06am
    K, Are you sure it is not just an acknowledgment of the approval, or are they asking YOU to personally agree to a promissory note?
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