Buying a Wellington Short Sale: Get your Checkbook Out!
Buying a Wellington Short Sale can be a very daunting and confusing process, especially if you are not working with an experienced Wellington Short Sale Agent who can guide you through the process. This is the fifth in a series of post, which will serve to educate Wellington home buyers about the often misunderstood process called a short sale:
Once you write an offer on a Wellington short sale it will be submitted to the seller, who will either accept, counter or reject. If you and the short sale seller come to terms be prepared to put down an initial escrow deposit, which is usually between $1,000 and $5,000. This escrow deposit will be held by a brokerage, title company or attorney. Depending how the contract is written the initial escrow may or may not be refundable.
Once the contract is fully exectued it will then be submitted to the short sale lender for approval.
If you are interested in purchasing a Wellington short sale and need an experienced short sale agent contact me today!
Part 1: What is a Short Sale?
Part 2: Short Sale Negotiations
Part 3: Short Sales are NOT Short!
Part 4: Expect to Pay Market Value!
Read more: http://wellingtonhometeam.com/buying-a-wellington-short-sale-get-your-checkbook-out/#ixzz1tiW1k5ts
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Wow, that is different. Here escrow is not opened and no money goes in until the lender has approved. Your way definitely keeps buyers honest.
Some people think that they shouldn't put down a deposit until the short sale is approved. I believe that the best time to put down the deposit is when the offer is accepted by the seller.
Michelle -- I think it is interesting that your first two comments(and mine now) come from California. Actually, when it is a short sale purchase, there is a short sale addendum that needs to be included with the purchase agreement or in the counter offer if not originally submitted. There is a choice that is made(and agreed by all principals) dealing with the initial deposit and the start of contingencies.
Jane - Some short sale listing agents do that here as well.
Melissa - I agree
Michael - We also have a short sale addendum too.