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Why does it take so long for a short sale?

With a short sale, the seller is asking the bank to take less than the amount owed. Even if youve made an offer and the seller has accepted it, its not a done deal. The sellers bank must approve the sale, and this is where the big delays can happen. Banks are losing money in a short sale and arent too keen on it.

What is the amended effective date under the TREC short sale addendum?

What is the amended effective date under the TREC Short Sale Addendum? The date seller obtains notice of the lienholders consent and agreement. Buyer 1 enters into a contract with seller with an option to terminate 21 days after the effective date of January 5.

How do you close a short sale?

Understanding Short Selling To close a short position, a trader buys the shares back on the markethopefully at a price less than at which they borrowed the assetand returns them to the lender or broker. Traders must account for any interest charged by the broker or commissions charged on trades.

What is the most common sales contract addendum real estate?

1. Buyer contingencies addenda. Buyer contingencies are the most common addenda, ing to Justin Ostow, a top real estate agent in Tampa, Florida, who completes 10% more sales than the average agent. Contingencies dictate certain conditions which must be met for the contract to go through.

Is it a good idea to buy a short sale?

In short, short sales are a good idea if you have plenty of time and money. A short sale buyer may get the property at a reduced price, but the property (in all likelihood) has its share of problems think fixer-upper and the deal needs to go through considerable red tape to make it happen.

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