I"m looking at few short sale houses. Since banks are taking long time to approve short-sale and I want to be able to go on placing offers on other houses, without being tighted on a specific offer, and without my deposits being taken away from the seller, what do I do to make this happen?

I look at my purchase agreement. I don't see any clause that enable me to do so...

Thank you!

to clarify my question, i'm willing to wait on the bank for one month, but not for 2, or 3 months and on. What do I talk with my agent to have him put a clause like thiis in my offer?

Thank you!

I can't give legal advice.

Generally you would put in the contract that earnest money does not become due UNTIL final acceptance approval by the bank investor,servicer,etc.

You could care less about the seller as they don't make the decision for the loss the bank does. So personally I would not tie up earnest money funds without an accepted deal in place from the bank. You still send a photocopy of the earnest money check written out you just don't give it until final acceptance.

Also you would need to put a timeline on the contract since you are offering on multiple properties. Once the timeline is expired you are no longer bound to accept but still can.

You always can walk away of the short sale contract and place offer on another house. I can't see your problem.

Just make sure there's a loophole in any purchase contract you send over to the banks, OR that you don't sign the contracts before submitting them. Loopholes might include financing contingencies, or some other such contingency. It's not like you send them an actual check along with the contract that they can cash, it's held in "escrow" by your real estate agent.
Banks move slower than molasses, but they're also reluctant to get entangled in pointless litigation over a small deposit amount. I wouldn't worry too much about it.
Best of luck,

_________________________
Brian
Rental Contract

With our buyers in Minnesota, we always encourage them to look at having a number of contingcies in place: financing, inspection, etc.

I always encourage buyers to work with a top real estate agent to help guide them through a transaction, especially when buying an REO or a short sale.

I always put in earnest money paragraph that the earnest money will be submitted after the contract has been accepted by the lender.

All of the short sales that i've been involved with have taken way over one month.

Anyway in our purchase agreement I state that the sale must be completed with 45 days from the offer date. So, the buyer has an out because the short sale takes longer than 45 days. Also, the bank doesn't get the earnest money, only a copy of the check as stated above.