Short sales and seller clients: A Binding Contract Waiver may save you from liability
By Ken Lawson, JD, Short Sale Coach
(TheLawsonGroup Mediation Svcs www.LawsonGroupMediation.com)
A recent court case underscores a recommendation I have been making for agents involved in short sale cases. The homeowners contracted with a real estate agent to sell their home. With the drop in market values, the agent helped the homeowners understand that they could still sell their home as a short sale. The homeowners agreed and the agent went to work listing the property and seeking buyers. They finally obtained an offer from a cash buyer, which looked great and had a good chance of being approved. As we all know, this past spring short sale processing by the servicing lender and the secondary market investor (SMI) slowed to a standstill. The contract terms made the contract terms binding and subject to third party lienholder approval of the short sale within 120 da...
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