Several years ago I was trying to find a home for a buyer and ran across a listing where the listing agent had in MLS agent remarks that the following information must be included in the special provision of the contract.
"Buyer understands that Seller and this dwelling is involved in a lawsuit that claims that the dwelling was initially purchased an financed at an overpriced amount and is offering this dwelling for a short sale in mitigation of Seller's and Lender's damages due to the overpricing.ii. Buyer understands that the Seller's acceptance is contingent upon the Seller's obtaining the Lender's permission and such permission may only be obtained after a bona fide arm's length offer to purchase has been received by the Seller. Buyer agrees that if Seller's lender does not respond before a date three days prior to Buyer's designated closing date, Buyer may1. Withdraw his/her offer and buyer's earnest money shall be returned.2. Extend the closing date for a period of 30 days."
Lucky for me the buyer had no interest in this particular property but if they had I think I would have:
1 Told the buyer to contact a real estate attorney.
2 Advised the listing agent we would not comply with their request.
What would you have done?
Comments (8)Subscribe to CommentsComment