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Saturday, October 24, 2009

Time is of the essence….except with short sales!

As a real estate agent working with buyers and sellers in Brevard County I see this phrase on every real estate contract. I am not an attorney, lawyer, legal expert or none of that stuff… just a real estate agent in Brevard County Florida.

But I do understand what time is!

The Florida Association of Realtors/Florida Bar Association Contract for Sale and Purchase has a phrase in the fine print that says Time is of the Essence.

I have heard the phrase for years. I looked up the definition and it says if it is specifically written in the contract and there is a time requirement to close the deal, then you must comply with the time constraints.

I have seen many buyers take a carefree attitude toward the time requirements and it makes buyers, sellers and all parties involved nervous!

I am convinced though that when it comes to lenders who are considering a short sale offer "Time is not really of the essence!"

Regardless of the type of transaction fair market sale, short sale, foreclosure offer, leas purchase offer...sellers get nervous as do buyers.

Your real estate agent and lender know what the time requirements are and be realistic when you make the offer...and then be diligent!

Call me if I can help with the sale of your Brevard County residential real estate or if you are in the market to purchase a home in Brevard County, Florida. Call me at 321-693-3850 or email agent@moving2brevard.com.



Gary L. Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida serving Florida's Space Coast including the cities and communities of Melbourne, Viera, Rockledge, Suntree, Merritt Island, Cocoa Beach and the surrounding region. Whether your interest lies in a 55+ community, a golf course community or water front, give me a call!

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