Short offer with postponement request
Take the assistance of a lawyer to write a letter to the seller asking for postponement on the short sale offer
If you are planning to purchase a property that is in short sale, but are postponing the request due to some issues, then you need to prepare a Short offer with postponement request agreement. However, you can seek the assistance of a lawyer to prepare this agreement without any legal jargons. Generally, at times the agreement prepared will be in a favor of one party, which may put the other party in legal disputes. However, when you would like to purchase the property under a short sale, but want to postpone the request, then you have to make an agreement. This Short offer with postponement request agreement should have the postponement date and the property address clearly. However, you need to mention the reason for the postponement. Usually, the common reason would be due to lack of funds. You need to mention by when you will be able to close the sale to the lenders or the sellers. Most importantly, you also need to include the amount you are ready to pay to the lender for closing this short sale deal.
Prior to that, you also need to send a certain amount to the lenders or seller before closing the deal. It is important for you to mention the date on which the balance amount will be paid. Usually, buyers take 12 months to repay the balance amount and transfer the property to their name. Though, you get the property for a favorable price, but you need to take care of the damages and repairs to the property. The buyer should also agree to handle the repairs in this agreement. This letter has to be written in the right format to avoid legal disputes in the long run with the seller.
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- Short Sale Request Letter