Take a look at this addendum and see if you get the same reaction I did reading it. I cant see signing it the way that it is. The negotiator told me that its up to the seller to decide what is highest and best, so I told him your addendum sure doesnt present it to be that way and we all know what holds up in court dont we.
The home I got this on needs some decent repairs just to pass for FHA financing but not impossible. I'm afraid if the sellers signs an offer thats high enough to meet the min net amount on the ATP, but then gets another one thats higher, everyone is at risk.
WF has gone nuts over this language IMO. How many of us have not submitted the offer that was the highest net amount knowing full well they couldnt perform
Scratching me head....lol
The purpose of this addendum is to disallow ABC flips. They want the contract submitted to the highest and best and the only contract. The language doesn't bother me at all. Negotiate the best deal you can get.Place the property in pending status and let other agents know you have solid binding contract and are not taking back ups.
highest may not be best for the seller.
At what point did you recieve this addendum?
I got this shortly after they issued their ATP, about 2 weeks ago. I've had about 10 offers on the home, mostly investor offers, but halfway through the process of getting the home approved for the PFS it got partially flooded, so I'm only dealing with 3 offers. Two are FHA and one is conventional. The offer the seller wants to accept is 5 K lower than what is the highest is, but it still meets the FHA min net proceeds.
Maybe I'm reading more into this addendum than is what is there, but the language is not exactly comforting if the sellers accepts a lower offer and we both know it.