OfflineI am a newbie when it comes to purchasing a short sale. I am working with an experienced realtor that suggested that I put a $1000 deposit when submitting the offer. I know it can take months for the bank to approve. I want to be sure that I do not loose my deposit if the transaction does not take place. Any suggestions for contingency clauses to be added to the offer?
Thanks
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If you are getting financing, just add a clause that is contingent upon financing. if you are planning to use all cash use an inspection clause and make sure you pay attention to the dates for due diligence and the contract and you will be good to go. In order to get your deposit back in some cases requires you to have an inspection done so you can provide them with the report.
"The greatest mistake you can make in life is to continually be afraid you will make one."
Elbert Hubbard
Until the lender approves the sale, you can not proceed with the purchase. Ask to hold the earnest money until the contract is approved by the lender. This should not be an issue.
Al
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