Quote:
Originally Posted by erogers
This isn't standard practice everywhere. In my area, we have "time is of the essence" clause in the contract but no specified deadlines.
If you're asking if the buyers have some protection because of the husband being in the military and un-reachable, I would doubt that is the case but am not 100% sure.
In this situation you may want to advise your clients to make use of a "specified third party approval" rider on a counteroffer. If you don't have a standard rider for this use, you can have the client or their appointed attorney draw in language to that effect.
Don't construe this as giving you or your client legal advice.
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Well I have never done an offer on a foreclosure to a bank - however, in Va -many of the foreclosures are doled back out to realtors, so a "Deadline" or "time is of the essence" clause can still work - but I would also converse with the REALTOR or point of contact before making the offer - at least try to get everyone "on the same page"
05-12-2008, 06:20 PM
Re: Foreclosure thoughts?
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