Yesterday, in response to questions about the Purchase & Sale forms concerning an short sale offer, I submitted the following question to the Board of Realtor's attorney.
"I am confused about the 22SS Addendum relative to 'Offers from other Buyers.' Legal Bulletin 178 states, 'The parties must decide whether Seller will be permitted to accept offers from other Buyers.' However, NW MLS Form 22SS clearly states, 'This offer is contingent upon the Seller obtaining written consent from Seller(s) creditors for the Short Sale and Seller’s acceptance of any condition imposed by Seller’s Creditor(s).' Doesn’t that unambiguously and explicitly state that it doesn’t really matter what the Buyer and Seller agree upon, it’s ultimately the decision of the lender provided the seller agrees?
"Based on this, it would seem that the section 'Offers from other Buyers' is, at the very least, misleading and while it might seem to give an advantage to a Buyer, it’s still the lender who has the final say as to what the lender wants and is willing to accept. Don’t you agree?"
Hopefully others, including our lender friends, will speak out on this issue.
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