I have not done one of those but ANYTHING the bank is asking you or your client to sign that states they are "Waiving ANY Rights", I would not sign or I would have an attorney review.
To be frank - I can not believe they have the BALLS to ask a Military Service Member to waive their rights!!!!
In any short sale (and ANY negotiation), whoever has the leverage has the power!!!!
With a short sale, YOU have the leverage as you and your client decide whether or not the bank gets stuck with the house....
Banks lose 99% of the time when they have to take back a home.....know this, leverage this, use it to your advantage ALWAYS when negotiating with the banks!!!
All my best to you
Wells has quickly turned into the worst major lender to deal with