Updated about 14 years ago on . Most recent reply
Short sale obligations
I currently have the capacity to do one or two deals at a time. For various reasons, I won't be ready to expand that for about a year. I'd like to offer on short sales, but I'm wondering about my obligations.
1. If I make an offer, what are my legal obligations- if I offer and they accept months later- is it a legal contract just like a regular offer? Or if they accept- is there some step where I need to reaffirm?
2. What are my "reputational"/moral obligations- What if I make an offer and then they accept months later and I cannot perform? Each large bank gives all their short sales to one attorney and re agent. I'd hate to get a bad rep.