11th Circuit Refuses To Enforce Short Sale Contract With Clerical Error

Mealey's (May 3, 2016, 11:54 AM EDT) -- ATLANTA — A letter stating the mortgage lender’s required net payout amount for a short sale to proceed, which was nearly $300,000 less than the amount offered by the buyer, was clearly a clerical error and did not lead to the formation of a valid contract, the 11th Circuit U.S. Court of Appeals ruled April 28, upholding a trial court’s decision denying the buyer’s request to enforce the short sale contract and permitting the lender to proceed with a foreclosure (Victor W. Patterson, et al. v....
To view the full article, register now.