Miami Buyer

Well, there is a contract that the seller gave to my realtor that they are accepting the offer price. My realtor told me this is an executed contract pending approval of the sellers bank due to the short sale addendum. He told me that we have to deposit 5000$ in an escrow and he told me a title company to whom i promptly delivered the money by hand in person.
Now 4 weeks on, my realtor is saying we will be closing within 3 weeks and I have no idea why that should be the case as we have no approval from the seller's bank.
I contacted my mortgage broker to take his opinion. He said that I am tied to the offer for 90 days by which time the seller's bank has to approve the sale. Is this true?

I hope i am explaining the situation clearly. Sincere answers appreciated. Thanks for the answers so far. - Mon Mar 24 2008, 18:37

The offer is subject to all contengencies like financing, assessment. I have made an offer to the first seller and his bank has not responded for more than 30 days now. The realtor told me that we would need a deposit and i gave 5000$ to the title company.
But i am still waiting. So theres an offer with some money on the table but no accepted contract. Now I have seen another house where the second realtor says she will get me a reply within a week and i need to deposit 1000$ only. So i put in an offer and i am waiting. If either bank accepts first i will withdraw the offer from the second one. If either bank pays hardball I would again withdraw the offer.

But i grew concerned that if they get back to me on the same day, very unlikely, then what? Anyways i cant cough up downpayment on 2 houses, which I was going to point to when i withdraw the offer, becos both contracts are based on financial contingencies. I know I am going to be a party spoiler but this wait really is taking its toll.

I have to look for a school for my kids, plan my work schedule, and this dragging 4 weeks has been painful. - Sat Mar 22 2008, 19:08

Hi,

I am sorry for not being clear. This is the situation

I offered to buy a house on short sale. The sellers bank have sent an appraiser to assess the property. As such they have not agreed or declined or countered my offer. I was surprised to note that the sellers bank which will be desperate to dispose of the property wanted an appraisal.
Why would the sellers bank want an appraisal of a property? any ideas? - Mon Mar 17 2008, 18:21

Hi thanks for your reply. Could you send me a copy of the offer letter to murli_31@yahoo.com? i would really appreciate your help. i am definitely consulting a lawyer just to ensure the papers are ok.
regards,
murli - Mon Jan 7 2008, 08:59