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Shannon Hill, 2009 Association President |
President’s Message
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Short Sales...continued
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may, 2009 |
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Volume II Issue v |
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The North Carolina Real Estate Commission recently issued a stern warning regarding short sales. If your seller is in a short sale situation or even a potential short sale situation, that information must be disclosed. A short sale constitutes a MATERIAL FACT in the state of North Carolina and must be disclosed! With that being said, please be sure to use the new forms and especially the seller net sheet. This sheet has been re-designed to assist your and your seller in finding out whether or not you may be in a short sale or potential short sale situation. When is a “Short Sale” considered “Under Contract?” First of all, contact your attorney for advice. We do not issue legal advice. However, this is what we have been told: A short sale “offer” becomes a “contract” once the seller has accepted the terms and the information has been relayed back to the buyer. This is no different from a “normal” offer to contract situation. The only difference is that the lender approval is considered a contingency. This is true, since the seller still holds title to the property, not the bank. |
