Short Term Condo
Made An Offer To Purchase A Condo?
I submitted an offer to purchase a condo last Wednesday. The listing agent said he sent the offer to the seller and was waiting to hear back. Then the listing agent was out of the office for a long weekend. So today I notice the status of the condo is no longer active but is showing under contract.
I contact my agent to see what is going on. She says the seller is traveling and is not near a fax and printer so he hasn’t been able to send the signed contract back BUT he has agreed to all the terms so the listing agent changed the status to under contract.
Should I be worried about this? Doesn’t a contract have to be signed in order to be enforceable?
This is a short sale can the listing agent go ahead and start working with bank or does he have to wait to get the signed contract back from the seller before forwarding my offer to the bank?
YOU have nothing about which to be worried, since the contract is not enforceable until both parties to the contract have signed same. The listing agent CAN start work with the bank if desired, but there is still no enforceable contract until the seller has signed your offer. The bank would do some work for nothing. My guess is that this MIGHT occur simply to save waiting time. The bank will realize that your offer has not been signed by the seller, but can still analyze the offer for possible approval.
As a seller, however, I’d be irritated at the listing agent for showing the property ‘under contract’ until it actually IS under contract.
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