When it has a short sale contingency, if you ask the individual who taught a short sale class at the local board today.
Several of our agents came back to the office with information that went contrary to the training and instruction we have provided in office. It seems that today's instructor feels that a seller who needs bank approval for short sale should still sign multiple offers, which makes the offers a valid contract, with many different buyers and then send them to the bank for final approval. At no time does the instructor caution to accept any additional offers as back up contracts.
Bottom line is that a subject to short sale is a contingency just like buyer financing or inspections are a "subject to" contingency. To enter into more than one contract is a dangerous position to place a seller.
I called the instructor to see if he had any written documentation from FREC or an attorney that changes what we know to be true with regard to contract law, he did not. I hope by now he has a clearer view of what a short sale contingency is and is not.
Related Florida real estate views:
Realtor and seller obligations under a listing agreement.
Should you buy a home in "as is" condition?
What are the repair obligations to the home seller when using the FAR contract?
- Greg Staker - Watson Realty Corp. - 407-304-0255
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