Submitting multiple property offers & short sales

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  • #49302
    frankysmom
    Member

    I’m very interested in short sale properties and am fully aware it can be a long, drawn out process for naught.

    Is it allowed to enter purchase and sale agreements on more than one short sale property so long as the addendum states earnest deposit isn’t due until the bank accepts the offer?

    Anyone have experience with short sales, particularly, NYC ones? Thanks

    #49303

    Our purchase contract included a clause you cannot currently be in contract for another property.

    #49399
    TTrumble
    Member

    Hello frankysmom,

    Multiple contracts are just not a good idea, period. Regardless of the fact that there are some extra hoops to jump through with short sales, you are not going to be able to go to credit access at the bank with multiple contracts. You can only submit the bank app with one contract. The others are not going to be willing to sit and wait with the property off the market, especially without earnest money having been put down. You’re only asking for trouble.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #49400
    TTrumble
    Member

    Hello frankysmom,

    Multiple contracts are just not a good idea, period. Regardless of the fact that there are some extra hoops to jump through with short sales, you are not going to be able to go to credit access at the bank with multiple contracts. You can only submit the bank app with one contract. The others are not going to be willing to sit and wait with the property off the market, especially without earnest money having been put down. You’re only asking for trouble.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

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