In North Carolina the Short Sale Addendum allows the Buyer the right to unilaterally terminate the contract and receive the earnest money back at any time prior to the Seller notifying the Buyer of lien holder approval. If the parties have negotiated additional time for “due diligence” beyond bank approval then the Buyer has that extra time as well….
- Tag: short sale buyers
What Agents Say
As we have discussed before there are new players coming into the loan servicing business.
Additionally, because of new rules and guidelines for banks, some are getting out of the loan
servicing business. When one bank/servicer sells its loan servicing rights to another servicer the
loan is “service released” to the new servicer.
When negotiating a short sale with a bank/servicer, the loan may be service released to another
servicer in the middle of the process. Most of the time this means that you will have to start over
with the new servicer from the beginning….including getting a new BPO. This may be good or this
may be bad, depending upon the initial bank/servicer and how far down the short sale road you
may have gotten.
Hey, that is not fair or logical! Let me just remind you again that fairness and logic have no place in a short sale so let go of those notions when venturing into a short sale. Good luck out there.