remember from real estate
school that if someone signs a contract under duress, the contract is
but what is duress? Duress, to me, is someone holding a
gun to your
saying sign or die. But, there are, of course, lesser meanings to it.
So, how does this come
into play in real estate today? Let us look at
in a short sale situation who has lost their job. They have two banks,
first is getting all their money and the 2nd is
taking a huge hit or
getting absolutely nothing. If they make the seller sign a contract to
the money, or they won’t agree to the short sale, is this a form of
the contract valid?
minds want to know?OK, here is the story behind this question. I was asked this by a
client who was trying to be forced in to signing this exact contract to
pay back the 2nd what they were going to lose. I told him I didn't
think it was because they weren't holding a gun to his head, but I said
I would ask the experts and let him watch the answers and let him
decide for himself.
Todd Clark - Broker / Sales Coach
Palazzo Realty Group