Get the free Short Sale Addendum

This document outlines additional terms and conditions related to a short sale agreement between the Seller and Buyer, including the responsibilities of both parties regarding creditor approval and

How to fill out short sale addendum

How to fill out Short Sale Addendum

1. Begin by obtaining the Short Sale Addendum from your real estate agent or website.
2. Read through the entire document to understand its purpose and requirements.
3. Fill in the property address at the top of the form.
4. Provide the names of all parties involved in the transaction including the seller(s) and buyer(s).
5. Complete financial information regarding the mortgage including the amount owed, lender's name, and any modifications.
6. Specify any contingencies or conditions that must be met for the short sale to proceed.
7. Make sure to include a timeline for the short sale process if required.
8. Review the addendum for any signature and date fields, ensuring that all parties sign and date the document.
9. Submit the completed Short Sale Addendum to your real estate agent for processing.

Who needs Short Sale Addendum?

1. Homeowners who are unable to pay their mortgage and are seeking a short sale to mitigate losses.
2. Buyers interested in purchasing a property that is being sold for less than the amount owed on the mortgage.
3. Real estate agents involved in the short sale process to outline the terms and conditions.

People Also Ask about

What is a short sale in Texas?

A short sale occurs when a property is sold for a price less than the current owner owes on their mortgage. The lender must review the terms and approve the sale before it can proceed.

How do you make an offer on a short sale?

Typically, it involves the following steps. Homeowner Seeks the Lender's Approval for a Short Sale. A financially distressed homeowner voluntarily contacts their mortgage company requesting approval for a short sale. Homeowner Lists the Property for Sale. Buyer Makes an Offer. Lender Evaluates the Offer. Closing the Sale.

How to make a short sale?

Short selling involves borrowing a security whose price you think is going to fall and then selling it on the open market. You then buy the same stock back later, hopefully for a lower price than you initially sold it for, return the borrowed stock to your broker, and pocket the difference.

What is an example of a short sale?

For example, let's say a stock is trading at $50 a share. You borrow 100 shares and sell them for $5,000. The price subsequently declines to $25 a share, at which point you purchase 100 shares to replace those you borrowed, netting $2,500.

For pdfFiller’s FAQs

What is Short Sale Addendum?

A Short Sale Addendum is a document that outlines the specific terms and conditions of a short sale transaction, detailing how the sale will be handled when a property is sold for less than the amount owed on the mortgage.

Who is required to file Short Sale Addendum?

Typically, the seller (homeowner) and the buyer must sign the Short Sale Addendum. The lender may also require this document as part of the short sale approval process.

How to fill out Short Sale Addendum?

To fill out a Short Sale Addendum, you need to provide accurate details about the property, the loan amounts, the selling price, and any contingencies or conditions applicable to the sale. Both parties should review the document carefully before signing.

What is the purpose of Short Sale Addendum?

The purpose of the Short Sale Addendum is to formalize the agreement between the buyer and seller regarding the terms of the short sale, ensuring that all parties are aware of the conditions under which the property is being sold.

What information must be reported on Short Sale Addendum?

The Short Sale Addendum must include information such as the property address, the seller's mortgage details, the proposed sale price, any liens or encumbrances, and the seller's financial situation that necessitates the short sale.