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.
Please be sure to indicate the best answer. If this answer was helpful, please mark as helpful below. Only. If and until you and I sign an Agreement for Legal Services, I am not your attorney. These answers are provided for informational and/or novelty purposes
Are you already in contract?
NOTE: (1) I may be guessing and/or not even licensed in your state; (2) We have not established an attorney-client relationship; (3) Sometimes you get what you pay for; and (4) If you want to send me a gift, my favorite color is orange.
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.
My answer is not intended to be giving legal advice and this topic can be a complex area where the advice of a licensed attorney in your State should be obtained. Please click "helpful" or "best answer" if my answer added any value or add a "comment" if you have more info for me to help you get a better answer.
Have you done this type of thing before? If not, I would advise against doing it yourself.
Mr. Crosner is licensed to practice law in California and has been practicing law in California since 1978. The response herein is general legal and business analysis.. It is not intended nor construed to be "legal advice" but rather it is analysis, and different lawyers may analyze this matter differently, especially if there are additional facts not reflected in the question. Oftentimes the question does not include significant and important facts and timelines that, if known, could significantly change the reply and make it unsuitable. I am not your attorney until retained by a written retainer agreement signed by both of us. See also avvo.com terms and conditions item 9, incorporated as if it was reprinted here.