Short Sale Home » Short Sale Buyers » Short Sale Contingencies and Lenders

Short Sales have increasingly become accepted as commonplace in many parts of the country, including the San Diego area. So, if you are ready to make an offer on a short sale in your area, are there contingencies in a short sale that you want included, and if so, can they be included?

The contingencies that will get accepted will most likely be the following:

Financial Contingency – Unless you are a cash buyer, you should make the offer contingent on your ability to obtain a mortgage loan.

Inspection Contingency – You will want to have an inspection, especially if the home is being sold “as is” and there will be no repairs made to the house. Otherwise the bank will require you to purchase the home as is.

Offer Contingency – Make the short sale offer contingent on the bank’s approval of the short sale and request proof that the seller has provided the appropriate paperwork needed for the process.

You can try to include an expiration date on the offer, but the bank will probably not pay attention to the expiration date and the offer will expire.