homes for sale- disclaimer?

Discussion in 'Economics' started by nutmeg, May 19, 2009.

  1. Listing price may not be sufficient to pay the total of all liens and costs of sale, and sale of Property at full listing price may require approval of seller's lender(s), and such approval may be conditioned upon the gross commission being reduced.


    I saw this on fl real estate homes for sale. Hmnnn. Not sure what to make of this.
  2. pspr


    It means the asking price may not be high enough to pay off the closing costs, commission and mortgage from the proceeds and if this is the case the sale is contingent upon the RE broker and/or the mortgage holder agreeing to reduce the mortgage payoff and/or RE commission.

    I wouldn't make an offer on any property without knowing if this was the case beforehand and if the mortgage hoder and broker were agreeable to those reductions.