Visit our Contact Page to ask us your questions about Contra Costa short sale, bank owned properties/REO homes and homes in default. We’ll do our best to answer, and can provide you with further resources to research more yourself if warranted. We’ll post our questions and answers.
Ask away . . .
Hi,
I am in the beginning stages of trying to buy a house in a short sale. The seller has accepted and signed the offer. Now it has been sent to the two banks involved and I was told to be prepared to wait 30-45 days to hear anything. The weird thing is, my realtor told me that the clock has started ticking form the time the seller signed off on the offer and that I need to get the home inspection done in a week and decide on my mortgage lender. I don’t want to pay for a home inspection if I don’t even know if the banks are going to come to an agreement with me. Do I have to do this in the week time frame if I haven’t heard back?? If I don’t, will I forfeit my option to inspect the house prior to purchasing? Please advise. Thank you!
Chelsea
By: Chelsea Young on February 1, 2008
at 6:17 am
Hi Chelsea, this is something you likely should ask your agent about. But most often, in representing buyers in short sales, we will add a clause that starts the inspection and appraisal timelines after bank approval of the contract. Though its all a negotiation and some listing agents do want timelines to start immediately. So, again, check with your agent, as every situation is different and I would defer to their expertise regarding your situation.
By: Catherine Myers on February 1, 2008
at 6:34 pm