Charleston short sale tales [contract addendum]
I'm showing a home in Mount Pleasant indicated to be a possible short sale today which is attractively priced at about 15 to 20 percent below market (I know some people want to be able to buy a short sale at 50 percent off but that isn't going to happen).
And it is getting somewhat easier to get a short sale closed these days, of course compared to several years ago, anything would be easier but the banks are coming around to the idea that it makes financial sense and the government is subsidizing some of the costs.
But I noticed the contract addendum with some curious language that is pretty interesting.
YOU MAY NOT SIMPLY "WALK AWAY" FROM AN EXECUTED CONTRACT that is subject to lender or third party approval. You will become obligated to perform under the terms of the contract from the date of execution until the lender or third party disapproves the contract, or until another event covered by the terms of the contract occurs permitting either seller or buyer to terminate. (emphasis not added)
followed by
The lender or third party is under no obligation to consider, respond to, approve or disapprove the contract within any specified period of time. (my emphasis added)
So, you have to perform but the lender or third party doesn't.
Sarcasm ahead. That seems fair, doesn't it. 