I am working a ss with HSBC - I have completed the packet and I’m ready to go but we don’t have a committed buyer yet - I have plenty of interest but since the ss in pending approval they are not interested in putting in a contract. This is difficult because don’t or shouldn’t I have a contract to submit with the packet or can I attempt a ss approval with one. I’ve known some people that have done it but not sure how. I am still a bit green - I’ve only done 7 ss and haven’t dealt with most of these banks and I hadn’t had an issue with not having a buyer. What should I do?
I have had to submit a contract with the package or else they wouldn’t even look at it. If it meets criteria, could you put a contract on it with a HML? if you get a certified proof of funds letter, it may assist you in negotiating.
You should have a contract between you and the H/O (which HSBC approves for short-sale), and then a separate contract between you and your buyer. HSBC never sees the second contract. Along with the first contract to be approved, you are also asking HSBC to give you 45 days (or 60 days, or whatever you can get) to close. Within those days is when you find your buyer. Hopefully, the price difference between 2nd and 1st contract is a nice tidy profit for you.