Puchase Agreement Subject To Short Sale Approval
Hey guys back when I used to do short sales we would get the owner to sign a purchase and sale agreement with the condition that it was subject to lender approval. Getting ready to make offers on a couple. When I did these I would specify the lender, account number, and the amount of the original mortgage. Any changes I should be aware of?
JohnCl
Hey JohnCI,
Not sure what you do in GA, but in Wisconsin (where we invest in short sales...my husband is the investor and I am a licensed Broker/RE Agent) we make our offers on short sales on the WI Standard Purchase & Sale Agreement with just a statement that the offer is subject to the lender(s) approval and purchased "as is". We do not reference the original mortgage amount(s)/lenders etc...since they are really irrelevant. We make our offers based on the market value of the property.
Hope this helps.
Sharon