1. NO BINDING CONTRACT: Seller and Buyer acknowledge that the Proposed Contract represents a â€œShort Saleâ€, meaning that the purchase price set forth in the Contract
is less than the amount(s) owed to certain third parties and is insufficient to discharge all debts and obligations secured by liens on the Real Estate. Buyer and Seller acknowledge
that a Short Sale requires the written approval of the Contract by certain third parties, such as a lender, lien claimant, or other party having an interest in the Real Estate, a list of
which is attached hereto by Seller (the â€œThird Partiesâ€), and that by virtue of executing this Addendum, the Contract is hereby rendered a non-binding offer/proposed contract
(â€œProposed Contractâ€) until such third-party approval is granted in accordance with Section 3 below. Any Earnest Money required under the Contract shall not be due and payable
until the Proposed Contract is accepted and becomes binding in accordance with Section 3 below. If any Earnest Money has already been deposited or paid by Buyer, said Earnest
Money shall be returned to Buyer upon the execution of this Addendum by Buyer and Seller.
6. SELLER'S RIGHT TO ACCEPT ADDITIONAL OFFERS: Buyer agrees that at any time prior to Buyer, Seller and the Third Parties reaching a written agreement as
provided in Section 3 above, Seller may (a) continue to market the Real Estate and advertise it through the MLS as available for sale, (b) accept additional offers for purchase of
the Real Estate, and (c) at Seller's option, forward any such additional offers to the Third Parties for review and approval.
7. RIGHT TO RESCIND PROPOSED CONTRACT: In consideration of the rights reserved by Seller under Section 6 above, Seller agrees that at any time prior to Buyer,
Seller and the Third Parties reaching a written agreement as provided in Section 3 above, Seller or Buyer may rescind the Proposed Contract for any reason, or for no reason, by
providing written notice of rescission to the other party.
No, it's not normal. If you have a signed contract - signed by all parties including the lender(s), and all contingencies have been removed in writing, then the property should be Pending. If all parties have NOT signed and/or all contingencies have NOT been removed in writing, then it could be Backup status in which case showings could be still occuring and accepting Backup offers could be taken. Have your Realtor contact the lisitng agent or their Broker to clarify.