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It’s about darned time! (Short sale addendums for purchase offers)

February 12th, 2009 · 1 Comment · macomb county MI, short sale advice in Macomb County MI, tips for home buyers, tips for home sellers

I am overly excited this morning about something that is probably not going to mean alot to many people – yet – but  will mean more clarity to those who are considering purchasing a short sale home in Macomb County.

First, exactly what does it mean when you see a home and it is advertised as a short sale? Simply put:  The home owner is going to ask their mortgage holder to allow them to sell their home for less than what they owe on it.

Sounds simple yet this process has been so confusing for home sellers, real estate agents, and home buyers since we first started to encounter these sales more than a year ago.

Thankfully, our association  listened to our concerns and Mirealsource™ now has a pretty concise addendum to the standard purchase agreement that will shed some light over the darkness of confusion that home buyers and their buyers agent have been feeling.

A couple of points of interest: Contingency and Deposit Deadlines spell out to all parties that some deadlines may not be absolute and may have to be extended in order to proceed.   (We’re at the mortgage holders mercy – some reply quickly, others take months.  To stick to a less than 7 day home inspection contingency for example would not be in the best interests of my buyers client when we don’t have an acceptance from the mortgage holder.)

The Termination of Transaction clause puts us all on notice that at any time during the process the offer to purchase can be canceled by the buyer without penalty if there has not been acceptance by the mortgage holder.  (You do not have to wait forever – you can back out and move on to another home.)

There are other clauses to this short sale addendum that I think will be very helpful to all parties involved and I highly suggest that prior to writing an offer on a short sale home that you read it thoroughly and talk about all aspects of it with your buyers agent.

Thank you Mirealsource™!   This is exactly what the consumers in Macomb County MI have been needing!

~Kris Wales~ A partner for your real estate needs.

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1 response so far ↓

  • 1 Brian Powers // Feb 12, 2009 at 5:49 pm

    About time! No we just need them to remove leases from the Sold data.

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