The owner is giving first rights on the short sale. They are one year delinquent on their mortgage. All of this is in the contract. Thank you.
Real Estate Attorney
I am not licensed in your state , but I question their ability to give first rights. However if you are going to make an offer on a property that is eligible for short sale talk with the agent who is accepting offers. An attorney can help you get ready with financing, title work and offers. The question will be is your offer close enough to the balance for the lender to accept it and not be outbid durning the long acceptance time.
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Real Estate Attorney
Are you already in contract?
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I don't know what you do for a living or have in experience with reading and reviewing contracts but given you are going to have a lease, an option and an ultimate purchase contract with a deed, I myself would probably ask a R/E attorney to review what is presented to you before signing anything. Moreover, having an attorney may speed up the process of the short sale because the banker holding the mortgage may be more responsive time-wise to someone with an attorney.
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Personal Injury Lawyer
Have you done this type of thing before? If not, I would advise against doing it yourself.
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