In representing the buyer, a counter offer has just been received. Contained in the counter offer and the most important issue: "the seller reserves the right to cancel the contract if the priminary and/or secondary lenders requires the seller to execute any documents which subject seller to a deficienct judgement, promissory note, 1099 or any other post closing arrangment. No fees or judgements will be due"
WHAT AND WHY? Listing agents -what are you doing ...trying to sell property? Oh, really? And why -why would anyone suggest that the buyer commit to 4-6 months or potentially more time to find out that the sellers lender is demanding a promissory note and therefore the contract is null and void? What reason(s) and/or advice would you give to your buyer?
And why should I not just move on to another property.
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