If the first bank in short sale has indicated that they will accept a short sale, then it is a sure thing that the short sale will go through.
Technically if the contract was ratified by both buyer and seller there is a contract. The EMD deposit check should be deposited ASAP. If there is no deposit/consideration, then there is no contract. There must be consideration to complete the contract elements.
2 comments:
You do not have to have a deposit to have a contract.
some sort of consideration or promissory note must be executed to create a consideration even one dollar but there must be consideration. Sure some people ignore the legal point and close cases w/out consideration but if it get challenge before a competent party lack of consideration invalidates the presume contract. Check this trusted Wikipedia source: http://en.wikipedia.org/wiki/Consideration
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