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This document outlines additional provisions related to a short sale agreement between the buyer and seller, including definitions, contingencies, and mandatory requirements for the buyer.
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How to fill out short sale and addendum

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How to fill out SHORT SALE AND ADDENDUM TO OFFER TO PURCHASE AND CONTRACT

01
Begin by obtaining the SHORT SALE AND ADDENDUM TO OFFER TO PURCHASE AND CONTRACT form from a reliable source.
02
Fill in the date at the top of the form.
03
Enter the buyer's name and contact information in the designated sections.
04
Provide the property details, including the address and legal description.
05
Specify the purchase price being offered for the property.
06
Review the terms of the sale and ensure all contingencies are clearly defined.
07
Include any required disclosures and information about the seller’s financial situation.
08
Both the buyer and seller must sign and date the document.
09
Submit the completed form to the lender for approval of the short sale.

Who needs SHORT SALE AND ADDENDUM TO OFFER TO PURCHASE AND CONTRACT?

01
Homeowners who are facing financial difficulties and intend to sell their property for less than the amount owed on their mortgage.
02
Potential buyers interested in purchasing a property being sold as a short sale.
03
Real estate agents and brokers involved in facilitating short sales.
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A short sale is a real estate transaction in which the sale price is less than the amount owed on the property's mortgage. The Addendum to Offer to Purchase and Contract is a document that is included with a real estate purchase agreement and specifies the conditions under which the short sale may be approved by the lender.
The seller of the property is typically required to file the Short Sale and Addendum to Offer to Purchase and Contract, along with their real estate agent. The lender must also review and approve this document as part of the short sale process.
To fill out the Short Sale and Addendum, you need to provide information such as the property address, the sale price, details about the lender, the amount owed on the mortgage, and any terms concerning the negotiations with the lender. It's important to be as accurate and detailed as possible and consult with a real estate professional if needed.
The purpose of the Short Sale and Addendum is to communicate to all parties involved the specific terms and conditions of the short sale, including the acceptance of a price that is lower than what is owed on the mortgage, and to facilitate the approval process by the lender.
The information required on the Short Sale and Addendum includes the property address, names of all parties involved, details of the financial situation of the seller, information about the lender, and specific proposed terms of the short sale transaction.
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