REO Weird Addenda?
SO i have an REO property under contract and apparently the seller's agent sent us some forms that we're required to fill out as a part of "standard bank procedure." My Realtor said "sorry I don't know what they are" and got me to sign them anyway. I told him not to submit them until I get the reviewed by my broker and my lawyer. He said there's no need to because "banks use these forms all the time to protect their ***" - I'm still having a lawyer look at it though.
The section I'm most concerned about states
2. This contract is subject to acquisition of the Property by Seller
3. This contract is subject to approval and acceptance by Seller's mortgage insurance company and beneficiary, if any.
4. Final acceptance of the contract of sale is subject to Seller's committee approval.
Does this sound like short sale contingencies? The property is vacant and is listed as REO, but these subject to's got me worried.
Any suggestions?