If a higher offer from another prospective buyer is received after a short-sale contract has been accepted by the seller but before the lender approves the first contract, should the second offer be accepted by the seller using the backup addendum?

1 minuteread
  • Home
  • /
  • Knowledgebase
  • /
  • Contracts and Forms
  • /
  • If a higher offer from another prospective buyer is received after a short-sale contract has been accepted by the seller but before the lender approves the first contract, should the second offer be accepted by the seller using the backup addendum?

Yes, if the seller chooses to accept a back-up offer on the property, the seller should attach the back-up addendum in addition to the short-sale addendum.

Source: TAR

X
Welcome to Realty Nation
wpChatIcon
Scroll to Top