A Short Sale Question From Michigan.
Hi folks,
Is it necessary to use a specific
"Offer To Purchase Form" for a short sale or verbiage?
Is there a site to download a form?
Any help would be greatly appreciated!
John Lopez
313-258-1001
**Please See My Profile** :-D
You may use any standard purchase agreement but it is important to add the following provisions:
-The sale of this Property is subject to mortgagee(s) written, short payoff approval at terms favorable and acceptable to the Seller.
-This Property is to be sold in an as-is condition.
-The Seller will make no repairs, and make no financial concessions to the Purchaser.
-Sellers are to receive ZERO proceeds from the Sale.
-Mortgagee(s)s written approval or rejection may take from 45 days to 90 days, or more.
Gee, that sounds familar... and if it's an FHA insured loan for which you are trying to gain short sale approval... there are two other clauses that will be required.
Note. Generally, the restricitve clauses must be present in both the listing agreement, and in the Contract for Sale.