I may want to add that what terms did the seller back out on? What was the contract contingent on? Just Bank Approval for a short sale? In Missouri we have an addendum. At the beginning of the listing they sellers say what they will agree to or not. If they would pay anything if the bank says they have to or not. If it is just contingent on Short Sale approval and the bank did that your seller could be in jeopardy of a law suit.
Because of BofA approving a short sale and then foreclosing on it my client the Seller can be sued by the buyers for non performance because they can not provide clear title to close. My sellers lawyer told me this today. He said we have to get BofA to get the rescind in writing no verbal or email hogwash.
These Short Sales are starting to create monsters of a whole new breed. LOL
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Because of BofA approving a short sale and then foreclosing on it my client the Seller can be sued by the buyers for non performance because they can not provide clear title to close. My sellers lawyer told me this today. He said we have to get BofA to get the rescind in writing no verbal or email hogwash.
These Short Sales are starting to create monsters of a whole new breed. LOL