Miami Condo Short Sale Contract

Miami Condo Short Sale Contract Tip #2

Short sales of Miami condos and homes are often a great way for a buyer to get an excellent deal on a property and a seller to get out from under an upside down mortgage with hopefully less damage to credit and his or her pocketbook.  This is the second of several blog entries, in no particular order, each with a tip for the buyer or seller or both, to help make sure the deal goes smoothly while giving protection to one or both parties.

Miami Condo Short Sale Tip #2:

One buyer contract.  As previously mentioned, make sure that there is a bona fide Short Sale Addendum to the contract, the most common being the FAR form.  In this Addendum, make sure you cross out or otherwise invalidate the provision allowing the listing agent to submit more than one contract to the seller’s lender.  This is important because the administrative process for the sellers’ lenders is already very slow, and to submit several offers to the lender and have them choose what supposedly is the best offer is likely a waste of time for everybody.  The seller and listing agent should keep it simple, pick a serious contract, and push the lender to accept it and approve it.   Taking back-up contracts is also reasonable, but they should not be sent to the lender as it will confuse things.  The lender should be called a minimum of once per week after submission, if not twice to keep things moving.

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