Northern Virginia Short Sale Quiz: Question #3

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Real Estate Broker with Long & Foster REALTORS®, Gainesville, VA VA License # 0225089470

Northern Virginia Short Sale Quiz:  Question #3

To clarify some of the major misunderstanding that buyers, sellers and real estate agents have about Northern Virginia Short Sales, I've decided to give you this quiz.  We've already had questions #1 and #2.  Now we are on to question #3.  It's going to involve reading this scenario first.

Buyers and Sellers come to terms with their Northern Virginia Short Sale Contract.  In the contract dated May 5th, they agree to the price and to make the settlement date in the regional sales contract on or before September 10th.  The Short Sale Addendum reads that the Buyers will allow the Sellers until August 10th to deliver Short Sale Approval and they will be settle 30 days after the approval has been delivered to them. 

The Sellers deliver Short Sale Approval to the Buyers much faster than anticipated on June 5th.  The Short Sale Approval Letter states that Settlement must occur on or before July 30th.  What date, per the contract, is Settlement to occur on or before?

A)  August 10th

B) September 10th

C) July 5th

D) July 30th

Check back tomorrow for the answer.

If you are ready for Northern Virginia Short Sale Quiz:  Question 4, click the link provided.

 

Posted by

Chris Ann Cleland, Associate Broker- Licensed in Virginia, GRI, SFR, Northern Virginia Short Sale Specialist. Affiliated with Long & Foster, 7526 Limestone Drive, Gainesville, VA 20155.  To contact Chris Ann, call 703-402-0037 or email chrisann@LNF.com.  Or you can visit her website:  www.nvarealestate.net.

Header photos taken by Chris Ann Cleland.

The opinions expressed in this post are those of Chris Ann Cleland, not those of Long & Foster REALTORS®.

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Topic:
Real Estate General Information
Location:
Virginia Prince William County
Groups:
Bartender, Make it a Double
Short Sale REALTORS®
Short Sales Pre Foreclosures Bankruptcy and More!
Short Sales Specialists
Virginia Foreclosures Short Sales and REO (and Pre-Foreclosures)
Tags:
what determines the settlement date in a short sale
northern virginia short sale agent

Comments 13 New Comment

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Ambassador
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Chris Ann Cleland
Associate Broker, Northern VA
Long & Foster REALTORS®, Gainesville, VA

Marilyn:  And knowing that addendums supercede the original terms of the contract that they address.

Susan:  Love the Monopoly analogy.  And you're absolutely right.  If a buyer can't hit the ground running on approval, they are buying the wrong house. 

March 05, 2012 10:07 AM
Rainmaker
75,418
Pamela Stangler
Florida Keys
Coldwell Banker Schmitt

Yeah!  I got this one without a second thought.  You really have taught me well, you know.  Plus, this series of blogs/questions has put me over the 60,000 point in AR!  Thanks again!

March 09, 2012 11:40 AM
Ambassador
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Chris Ann Cleland
Associate Broker, Northern VA
Long & Foster REALTORS®, Gainesville, VA

Pam:  Congrats on that 60,000 milestone.  There are many more to reach so keep on commenting and posting.

March 10, 2012 06:38 AM
Rainmaker
411,136
Andrea Bedard
M.A.; REALTOR Silver Spring, MD and beyond
Thompson Company Realtors

Chris-Ann, ironically, I just received a request from the negotiator passed on by the listing agent for my clients to write an extension to the proposed closing date. "They are almost ready" - whatever that means. The kicker is that we added to the proposed closing date "within 30 days of receipt of written short sale approval".

... made me think of you :-)

March 11, 2012 10:17 AM
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Chris Ann Cleland
Associate Broker, Northern VA
Long & Foster REALTORS®, Gainesville, VA

Andrea:  Ultimately, in our state, the settlement date in the contract is what keeps the contract alive.  The addendum overrides it, but only if you are not past the original settlement date.

March 11, 2012 10:22 AM
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Chris Ann Cleland

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