A question was posed to the Washington Association of Realtors to whether or not a seller and seller's lender can use Northwest Multiple Listing Service (NWMLS) form 22SS (Short Sale) Addendum to terminate a previously mutually accepted offer, an offer that was signed off and agreed to by all parties involved.
22 SS Addendum Objective: Notifies buyer that seller will continue to accept (review or look into) other incoming offers subject to lender approval.
Question: Can the Seller use the 22SS to get out of an offer they had previous mutually accepted for a better or higher offer?
WA of Realtors said No. Form 22SS does not give the seller the "unilateral right" to terminate. It is a contingency which benefits the seller "in the event seller's lender does not approve buyer's offer." "In this case, seller's lender did approve buyer's offer and seller acknowledged agreement to lender's terms by advising buyer of lender's approval. In other words, the seller contingency set forth in form 22SS was satisfied [or was met]". "The seller misused form 22SS and buyer should be advised to seek legal counsel."
22 SS Addendum Objective: Notifies buyer that seller will continue to accept (review or look into) other incoming offers subject to lender approval.
Question: Can the Seller use the 22SS to get out of an offer they had previous mutually accepted for a better or higher offer?
WA of Realtors said No. Form 22SS does not give the seller the "unilateral right" to terminate. It is a contingency which benefits the seller "in the event seller's lender does not approve buyer's offer." "In this case, seller's lender did approve buyer's offer and seller acknowledged agreement to lender's terms by advising buyer of lender's approval. In other words, the seller contingency set forth in form 22SS was satisfied [or was met]". "The seller misused form 22SS and buyer should be advised to seek legal counsel."
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