Does the “Seller” on the contract mean the Lender - especially if the “seller” pays for title & survey costs?
Suggestions on Closing Date: since the lender takes 45 days to process a Short-sale, should the closing date & option period be > 45 days, even though I can close faster?
Is $100 typical for earnest $?
Thanks.
No, the “seller” is the homeowner. The lender is the lien holder.
Don’t set a specific closing date. In your offer letter state that you need a full 30 days to close from the date you recieve the acceptance letter from the lender.
I have never paid earnest money for a short sale.
just be careful, there are a few lenders are waking up to the " not paying earnest money"
Citi, ocwen and homecomings, ditech ( gmac) ar enow asking of proof of earnest, your best bet is pay the $100 for the P&S or you are going to look like a shmuck when your 50k deal goes down the toilet because you scrimped on $100.
Pay them by check not cash so there is a cashed check to show. this will also reflect on your P&S at the bottom that you gave it to them.
I put on the P&S the check number and when I send the shortsale package I send them the copy of the cashed check, it shows you are up front and you have nothing to hide.
Green Queen
Thanks. I did write a check for $100 earnest $. Assuming the BPO is where I want it, what is one of the nubmer 1 thnigs that could short-circuit a short sale?