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04-29-2008, 05:22 PM #1
Renter
- Join Date
- Apr 2008
- Posts
- 3
contingency period
Hi,
Recently I made an offer on a short sale property and both seller (not bank) and buyer signed the contract on April 14. According to the contract contingency period should expire on April 30, however bank did not approve the deal as of now.
At this point seller did not ask me to waive the contingency (as they are supposed to do 48 hours before) and did not extend the contingency period. Agent is saying I will not be in contractual binding even if we pass April 30. She is suggesting that we can make an addendum after bank short sale approval to extend the contingency period (in contrast now as this may delay the process even further).
Does it make sense to you? More specifically, will I be in the contractual binding?
Thanks in advance.
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04-29-2008, 06:49 PM #2
Fixer Upper
- Join Date
- Apr 2008
- Location
- Baton Rouge LA
- Posts
- 24
When a contract (or any part of a contract) ends that's it. Unless both parties renew it there is no more contract.
One thing to know about short sales is that take a long time to get a response from a bank. So how quick you get an answer will be determined by when teh process started.
Tony Zito
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04-29-2008, 09:19 PM #3
Condominium
- Join Date
- Apr 2008
- Posts
- 148
I agree with Tony on this one. I think if no moves are made whatsoever to extend the contract I think it has to end. It's all on the bank now and short sales usually takes time.
Jron Magcale
Real Estate Marketing
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