Hello
I am in the process of a short sale. I have made an offer on a place which has been accepted by the seller, however due to it being a short sale, the bank has final acceptance. Upon waiting for the bank to do so, including obtaining the BPO, I just received an addendum stating I agree to everything being sold "as-is" which I was more or less expecting with a short sale. However another part of the addendum states, "The parties agree that the seller may cancel this agreement prior to the ending date of the contract period without advance notice to the Broker, and without payment of a commission of any other consideration, if the property is conveyed to the mortgage insurer or the mortgage holder."
Is this standard? Is this a red flag? I am concerned as to why I am getting this now after I have been waiting since 9/19 to hear back from the bank on its approval.
Many thanks!
I am in the process of a short sale. I have made an offer on a place which has been accepted by the seller, however due to it being a short sale, the bank has final acceptance. Upon waiting for the bank to do so, including obtaining the BPO, I just received an addendum stating I agree to everything being sold "as-is" which I was more or less expecting with a short sale. However another part of the addendum states, "The parties agree that the seller may cancel this agreement prior to the ending date of the contract period without advance notice to the Broker, and without payment of a commission of any other consideration, if the property is conveyed to the mortgage insurer or the mortgage holder."
Is this standard? Is this a red flag? I am concerned as to why I am getting this now after I have been waiting since 9/19 to hear back from the bank on its approval.
Many thanks!
