I am investor in Virginia.
I submitted option contract to the lenders.
I already got 1st lender’s short sale approval.
I negotiated with the 2nd lenders for over 4 months.
The 2nd lender is SunTrust.
I got a call today from the 2nd lender.
They said that they could not take option contract because of their policy and they asked me to send regular contract copy.
IF I submit regular contract copy to the lender, can I close this transaction with back-to-back closing?
If it is possible, co I need to add any documents?
Thank you.
You should resubmit a standard purchase and sales contract with an addendum with all the option terms. I have one if you need one.
Emilio Kim
Oh, Thank god!!
How can I get your addendum?
can I put my email address here?
you can go to my blog and post your email there as a comment or you can download my free ebook.
Interesting that Suntrust is now not wanting the Option Contract. It has been out there for awhile now and there seems to be a leaning toward “standard looking” documents, especially if realtors are involved. Some investors I fund for have been migrating to the standard state contracts. Just make sure the disclosures that are in the Option Contract get translated into Additional Provisions or, more appropriately, into an Addendum to the contract. The nice thing about the Option Contract is it is very transparent and fully discloses to all parties, thus fewer last minute failures.