I just had a short sale get approved and the only thing that was countered was the price. My buyer came up in price and I notified the listing agent that I wont order the inspections or appraisal until I have the written approval.
The next day I get the approval and in the very small print at the bottom it says that the seller will not pay closing costs!! So basically if I hadnt noticed that and we had proceeded with the purchase my buyer would have been out the cost for inspections, appraisal, time and closing costs if they didnt want to back out.
This is a perfect example of why "WE" as agents need to read the fine print. When I brought it up to the listing agent, they "didnt see that".... Really?? Know what your clients, bank or no bank, will and wont do!
It is very irritating to me that the banks feel like they dont have to participate in standard real estate practice/law. And even more irritating that agents either dont pay attention or dont care and just try to push things through!