Updated over 16 years ago on . Most recent reply
Escape clauses
Hi All,
I'm new to this site so my apologies if this has already been addressed elsewhere.
I'm working with a Realtor on short sales. My plan is to wholesale the property or assign the contract. I have transactional funding in place, but of course the funds for the A-B transaction won't be released until we have the funds for the B-C transaction in place as well.
I'm using the standard PSA agreement because Realtors, loss mitigators, and title companies seem to like them.
What I'm asking about is what wording could I use in the contract to indicate that if I don't find a buyer I don't close. I hate to call it a "weasel" clause because that sounds so shady, but fact is I'm doing this to make money. If I can't find a buyer I want out of there to move on to the next deal.
Any suggestions?
Rob
Most Popular Reply
In this case, you are the buyer, so to say "the closing is contingent on the short sale being approved by the buyer" makes no sense. You probably can't use the word end-buyer in place of buyer, because you usually can't flip a short sale in the usual sense.