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Short Sale Preliminary Deal Analysis Time is valuable, and we want to make it an easy process for you to submit deals. First step is to fill out this form to see if the deal fits our basic criteria.

How to fill out short sale preliminary deal

How to fill out short sale preliminary deal:

1. Obtain the necessary forms: Contact the appropriate authorities or consult with a real estate attorney to obtain the necessary forms for a short sale preliminary deal. These forms usually include a purchase agreement and disclosures.
2. Gather required information: Collect all the necessary information for the deal. This may include the property address, loan number, and details of the current mortgage lender. You might also need recent financial statements, pay stubs, tax returns, and bank statements.
3. Complete the purchase agreement: Begin by filling out the purchase agreement form. Provide accurate and detailed information about the property being sold, the proposed sale price, and any other relevant terms and conditions.
4. Disclose any known defects: Ensure that all known defects or issues with the property are disclosed in the appropriate sections of the form. This could include structural problems, faulty electrical systems, or any other significant damages.
5. Include contingencies: Include any contingencies that you believe are necessary for the deal to proceed smoothly. This might include contingencies related to financing, inspections, or the successful negotiation of any outstanding liens or judgments.
6. Review and sign the preliminary deal: Carefully review the completed short sale preliminary deal form to ensure accuracy and completeness. Once satisfied, sign the form and have all relevant parties sign as well, including the buyer, seller, and any authorized representatives.

Who needs a short sale preliminary deal?

1. Homeowners facing financial hardship: Homeowners who are struggling to keep up with their mortgage payments and are in danger of foreclosure may need a short sale preliminary deal. This agreement allows them to sell their property for less than what is owed on the mortgage, helping to avoid foreclosure.
2. Real estate agents: Real estate agents who specialize in short sales often use short sale preliminary deals as part of their negotiations with potential buyers and lenders. These agreements help facilitate the process and outline the terms under which the short sale will occur.
3. Lenders and mortgage servicers: Lenders who agree to a short sale request from a homeowner will require a short sale preliminary deal to be completed. This ensures that all parties involved understand and agree to the terms of the sale, including any potential forgiveness of the remaining mortgage balance.

Note: It is important to consult with a real estate attorney or a professional familiar with the specific laws and regulations in your area when filling out a short sale preliminary deal.

For pdfFiller’s FAQs

What is short sale preliminary deal?

Short sale preliminary deal is a contract between a homeowner and a buyer that outlines the initial terms and conditions of a potential short sale transaction.

Who is required to file short sale preliminary deal?

The homeowner and the buyer involved in the short sale transaction are required to file the short sale preliminary deal.

How to fill out short sale preliminary deal?

The short sale preliminary deal can be filled out by both parties involved, including details on the property, the sale price, and any special conditions.

What is the purpose of short sale preliminary deal?

The purpose of the short sale preliminary deal is to establish the initial agreement between the homeowner and the buyer before finalizing the sale.

What information must be reported on short sale preliminary deal?

The short sale preliminary deal must include information on the property, sale price, special conditions, and signatures of the parties involved.

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