I bought two short sale condos recently and I am also a realtor in FL, hopefully I can help you. If you have a realtor, he/she should be able to answer all your questions, some of your questions are right on the contract. It looks like you are using the listing agent as a "transaction broker", which means he/she has the duty to help you smooth the transaction. You should not hesitate to ask him questions and have him work for your interest, too. Here are my two cents:
1. You don't have to put earnest money until the bank approves. Because the contract is contingent upon the bank's approval. Usually you put in $500 or $1,000, which is negotiable.
2.In you contract, there is a blank to fill in about when to close after the offer is accepted (in this case, after the bank approves). Usually it is 30 days. Again, this is something negotiable, but 7 days are way too rush. Check your contract. Don't pay application fee until you have an approval and fill in the blank with more days.
3.Inspection should be after the bank's approval. Again, there is a blank in your contract to fill in, usually it is 7 days after the bank's approval.
4. You need a realtor or lawyer to review the contract NOW before the owner even signs it. Or if owner signs it before lawyer's review, it is still contingent upon bank approval. You can cancel the contract anytime before the bank approves it without losing anything.There are many ways you can get out of the contract even after the bank approves it. For example, you are not happy with the inspection. I would say a realtor knows better about this real estate contract. The listing agent SHOULD go over the contract with you because he is also YOUR agent in this case if you don't have your own buyer's agent. He is getting more commission by serving both sides so he should do more work! Based on your above questions, you can be trapped or losing money due to lack of understanding to the contract. There are a lot of ways you can take or lose advantage because of your knowledge to the contract. Find a professional to help you is the better way to protect you.
1. You don't have to put earnest money until the bank approves. Because the contract is contingent upon the bank's approval. Usually you put in $500 or $1,000, which is negotiable.
2.In you contract, there is a blank to fill in about when to close after the offer is accepted (in this case, after the bank approves). Usually it is 30 days. Again, this is something negotiable, but 7 days are way too rush. Check your contract. Don't pay application fee until you have an approval and fill in the blank with more days.
3.Inspection should be after the bank's approval. Again, there is a blank in your contract to fill in, usually it is 7 days after the bank's approval.
4. You need a realtor or lawyer to review the contract NOW before the owner even signs it. Or if owner signs it before lawyer's review, it is still contingent upon bank approval. You can cancel the contract anytime before the bank approves it without losing anything.There are many ways you can get out of the contract even after the bank approves it. For example, you are not happy with the inspection. I would say a realtor knows better about this real estate contract. The listing agent SHOULD go over the contract with you because he is also YOUR agent in this case if you don't have your own buyer's agent. He is getting more commission by serving both sides so he should do more work! Based on your above questions, you can be trapped or losing money due to lack of understanding to the contract. There are a lot of ways you can take or lose advantage because of your knowledge to the contract. Find a professional to help you is the better way to protect you.
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