Updated over 13 years ago on . Most recent reply
Q. about short sale situation
R.e. agent is saying that M&T bank is asking me to sign a contract with seller BEFORE letting me know if they accept my offer...does this sound right? I've already given a binder, now they want 10% of P.P. with signed contract.
i havent even inspected the house, not knowing if my offer is accepted.
Advise, please!
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Jon Holdman
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Jon Holdman#3 Real Estate Deal Analysis & Advice Contributor
#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
You usually have to sign the contract when you make the offer. And the seller usually accepts the offer on a short sale before the bank looks at it. So, that doesn't seem unusual.
I'm guessing you're making a cash offer. 10% EM isn't unusual for that, either.