Asked by Otto, Pleasanton, CA • Thu May 23, 2013
The Short Sale Addendum says (Item #6),
"Unless otherwise agreed in writing, after Buyer's offer has been accepted by Seller, (i) Seller has the right to continue to market the Property for back up offers or additional offers; (ii) Seller has the right to accept back up offers (C.A.R. Form PAA, Paragraph 1), and present the Short Sale Lender(s) any accepted back up offers or additional offers that are received; and (iii) Seller shall notify Buyer when any accepted back up offers, or other subsequent offers are presented to Short Sale Lender(s)."
This sounds like a Seller who is in default can use the short sale process to delay foreclosure while they continue to fish for a better deal. Is this true?
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