What is the effective date of a short sale contract?
The effective date of a short sale contract is the same as it would be if there were no short sale contingency. When the buyer and seller have signed and delivered back to each other the contract and addendum to the contract, this makes the contract effective. The buyers and sellers have now entered into a binding contract for the selling and purchasing of the home.
The short sale contingency is just that, a contingency that must be met in order for the transaction to close. Much like a financing contingency for a buyer would act in a contract.
If you need assistance or help in understanding your short sale transaction I would encourage you to seek legal advice. If you would like help selling or buying a home subject to a short sale, contact me today.
Related Florida real estate views:
Property disclosure protects buyer and seller
Home warranties are available when buying a home
Florida mls rules for short sale listings
- Greg Staker 407-304-0255
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