FHA SS. Lender has an appraisal & a street BPO without disclosing the numbers to us. Now they want us to have our seller add this language to the listing contract which essentially cancels or grants the seller to cancel our listing. How would you suggest we proceed: "seller may cancel this agreement prior to ending date of listing period without advance notice to the broker, and without payment of a commission or any other consideration if the property is conveyed to the mortgage insurer or the mortgage holder. The sale completion is subject to the approval of the mortgage,"
OK, Thank you Brett. BTW, exactly what circumstance would necessitate the lender/investor/FHA using the protections provided by this language?
I apologize if I may not be fully understanding your question. This is not legal advice but from an agents standpoint I would assume that language protects your client (homeowner) as it's added to the listing agreement. Seems redundant because sellers can typically easily back out of short sales anyways in most states.