I got a short sale approved, I had a buyer and back up buyer both have backed out. right now I have less than 1 week to get it under contract or buy cash. I can’t buy it myself right now and I am having a hard time finding someone else to purchase it. Any suggestions, on how to market to buyers when one is in a hurry. Appreciate any suggestions. The property is located in NJ. Thanks
This post is probably irrelevant to this post, as two weeks have almost gone since this shortsale was approved, but the poster mentioned that he had less than one week to get the property under contract or buy cash. I am confused because when you submit a shortsale package, a purchase contract (from what Ive seen) must be included. Once the lender accepts, doesent this constitute as being in contract? I was under the impression that once the ss was approved, buyer and everything else had to remain the same.
So my question is once the shortsale is approved, can you change the buyer from the contract that was accepted by the lender?
Somebody, please set me straight.
Gregg
It’s his buyer that backed out, not the bank’s. He buys it from the bank, then double closes it to another buyer at a profit.