Wachovia Acceptance Letter... Any Ideas???
Ok.. So I get an acceptance letter from Wachovia on Friday on a property that I'm shorting. In this acceptance letter it says...
*Wachovias acceptance of short sale proceeds is contingent upon there being no other pending escrow transaction involving the future transfer of the property listed above upon completion of the short sale. If such future transfer is contemplated or such escrow is pending, then this short sale demand shall be null and void.*
These banks are getting to be a PITA. Anyone get this condition from them? If so, Now what?
Most Popular Reply
I interpreted it differently. It looks like they just don't want the short sale to close if there is a second closing already set up or "pending" for an end buyer, using a a back to back, simo or regular closing. In other words, they don't want to let you buy it if you already have it escrowed to sell to someone else. Once you close, you can then find a buyer or do what you will with it, with no time restrictions. My take.