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This document serves as a guide for real estate professionals to complete the Short Sale Purchase Contract Addendum and the Short Sale Real Estate Licensee Certification required by Bank of America
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How to fill out short sale purchase contract
How to fill out Short Sale Purchase Contract Addendum
01
Begin with the title 'Short Sale Purchase Contract Addendum'.
02
Reference the original purchase contract by including the date and names of the parties involved.
03
Clearly state the property address being referred to in the addendum.
04
Outline the terms of the short sale, including any discounts being offered by the lender.
05
Specify any conditions that must be met for the short sale to proceed.
06
Include a clause regarding the timeline for the acceptance of the short sale.
07
Provide details on any contingencies that the buyer must fulfill.
08
Include a signature line for all parties to sign and date the document.
09
Review the addendum for accuracy and clarity before submitting.
Who needs Short Sale Purchase Contract Addendum?
01
Homeowners who are facing foreclosure and wish to sell their property below the market value.
02
Real estate buyers interested in purchasing properties through short sale.
03
Real estate agents representing either homeowners in distress or buyers looking for short sale opportunities.
04
Lenders who require documentation of the sale terms before approving the short sale.
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People Also Ask about
How do you document a short sale?
The borrower, purchaser, and all parties involved in the transaction must sign and date a Short Sale Affidavit (Form 191) at the time of the closing confirming that the transaction is an arm's-length transaction with all proceeds (net of allowable transaction costs as described in the Servicing Guide) applied to the
How do you document a short sale?
In a short sale transaction on the other hand, the seller's closing costs are usually paid out of the money the buyer brings to the closing. Normally, the seller's lender must approve all of these seller closing costs before a short sale can be approved and completed.
What is a short sale addendum?
The listing agreement should state that the seller's acceptance of any offer will be subject to the lender's approval of the offer without requiring that the seller bring cash to close escrow, and an agreement by the listing broker to accept the commission as approved by the lender.
Who pays closing costs in a short sale?
In a short sale transaction on the other hand, the seller's closing costs are usually paid out of the money the buyer brings to the closing. Normally, the seller's lender must approve all of these seller closing costs before a short sale can be approved and completed.
How do you write an addendum to a purchase agreement?
How to write an addendum to a contract Mirror the language of the original contract. Choose an addendum title. Specify the parties. Clarify the part of the original contract the addendum refers to. Ensure compliance with the original contract and all other relevant regulations. Add any additional elements.
What is the addendum to a short sale listing?
A short sale purchase addendum is a document that goes alongside a sales contract. It's an additional document to consider when writing your own real estate contract. The document is added once a sale has been approved and used at the transaction stage.
What should the listing agreement for a short sale do?
The borrower, purchaser, and all parties involved in the transaction must sign and date a Short Sale Affidavit (Form 191) at the time of the closing confirming that the transaction is an arm's-length transaction with all proceeds (net of allowable transaction costs as described in the Servicing Guide) applied to the
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What is Short Sale Purchase Contract Addendum?
A Short Sale Purchase Contract Addendum is a legal document that outlines the terms and conditions that apply to a short sale transaction, where the property's sale price is less than the amount owed on the mortgage.
Who is required to file Short Sale Purchase Contract Addendum?
Typically, the seller of the property and the buyer, along with their real estate agents, are required to file the Short Sale Purchase Contract Addendum as part of the short sale process.
How to fill out Short Sale Purchase Contract Addendum?
To fill out a Short Sale Purchase Contract Addendum, provide details such as the property address, sale price, parties involved, and any terms pertaining to the short sale approval process. Ensure that all parties sign and date the document.
What is the purpose of Short Sale Purchase Contract Addendum?
The purpose of the Short Sale Purchase Contract Addendum is to clarify the terms of the sale and to outline the conditions under which the sale may proceed despite the mortgage balance being greater than the sale price.
What information must be reported on Short Sale Purchase Contract Addendum?
The information that must be reported on a Short Sale Purchase Contract Addendum includes the property details, terms of the sale, buyer and seller information, and any contingencies or conditions related to the sale approval.
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