Short Sale and Contract Dates

In Texas in a short sale situation, the Short Sale Addendum form is used to detail and determine how much time the lender has to respond to the offer. The original earnest money contract shows an effective date but, it only applies for the purpose of depositing said earnest money with the title company. It has very little to do with abiding to the conditions of the option termination clause in the contract. In fact, the option period does not begin until the lender has given the listing agent an approval of the contract, which is the amended effective date. For more information contact Melissa Walters, co-author of Make No Mistakes About Buying Real Estate at 281-679-1074.