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SHORT SALE ADDENDUM TO THE PURCHASE AGREEMENT This addendum becomes part of Purchase Agreement dated / / regarding the property located at 1) Its understood by all parties that the Seller owes more
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How to fill out short sale addendum:

01
Start by carefully reviewing the short sale addendum form. Read through it thoroughly to understand its purpose and the information it requires.
02
Fill in the basic details: Begin by filling in your name, address, contact information, and the date of filling out the addendum. This identifies you as the seller or the party responsible for completing the form.
03
Indicate the property information: Provide accurate details about the property being sold, such as the address, legal description, and any other pertinent information requested in the form.
04
Outline the terms of the short sale: Specify the terms agreed upon between the buyer and the seller regarding the sale price, closing date, and any contingencies or conditions that need to be met before the sale can be finalized.
05
Disclose any additional information: If there are any additional disclosures or information required by the lender or relevant authorities, ensure that you provide those details accurately. This may include any known defects, liens, or encumbrances on the property.
06
Attach supporting documentation: Depending on the requirements of the short sale addendum, you may need to attach supporting documents such as financial statements, bank statements, recent appraisals, or any other relevant paperwork. Make sure to include these as requested.
07
Review and sign: Before submitting the completed short sale addendum, carefully review the entire document to ensure all information is accurate and complete. Once satisfied, sign and date the addendum to make it legally binding.

Who needs short sale addendum to:

01
Home sellers: Individuals or entities looking to sell their property through a short sale, where the sale price will be less than the outstanding mortgage balance, may need a short sale addendum. This addendum clarifies the terms of the short sale and ensures both parties are in agreement.
02
Buyers: Prospective buyers who are interested in purchasing a property through a short sale may also need a short sale addendum. This document outlines the terms and conditions agreed upon with the seller, protecting the buyer's interests during the transaction.
03
Lenders and financial institutions: Some lenders or financial institutions may require the use of a short sale addendum to ensure that all necessary information and conditions are met before approving a short sale. This helps protect their interests and clarifies the terms of the sale.
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Short sale addendum is to be added to a purchase contract.
The seller in a short sale transaction is required to file the short sale addendum.
The short sale addendum should be filled out with accurate and complete information regarding the short sale transaction.
The purpose of the short sale addendum is to provide additional details and protections for all parties involved in the transaction.
The short sale addendum must include details about the sale price, any liens or encumbrances on the property, and any other relevant terms of the sale.
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