Helpful Tip for Your Short Sale Contracts

[Nick J.]

I wanted to give out two key pieces of information that are on my short sale contracts.

As some or many of you know, I use state approved standard contracts. I don't use any guru's contracts. I keep it clean and easy.

There are two things that make the state approved contracts that I use beneficial for me. Those are attached as images of an actual contract I just signed. The 1st one is the $ amount.

This makes it easy for us to get the contract signed. Typically, the seller (more often than not, the realtor) want to see a $ amount. Instead of trying to convince them of letting us put 0 there and explaining it doesn't really matter what we put there because the bank will decide what they will take blah blah blah, we actually put that exact verbiage in the space where the $ amount would go. Makes it much easier to get it ok'd by the seller and the realtor.

2nd is the only real addendum I need or use, it simply allows me to market and resell the property. Its pretty straight forward.


One thing I almost forgot to mention. You don't have to vote for this but please comment below if this was helpful and if you have any questions. I'll be happy to answer them.

[Justin S.]

Nick-

With the statement you have there, doesn't that imply you are going to buy the property for whatever the bank says? What if you do not want to buy it for that price?

I like the idea, just want to know your out if you end up not liking the banks price.