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Short Sale Addendum to Purchase and Sale Contract The following provisions are made part of the Contract for Sale and Purchase or Residential Sale and Purchase Contract between (Seller) and (Buyer)

How to fill out short sale addendum to

How to fill out short sale addendum to:

1. Read the instructions: Before starting to fill out the short sale addendum, it is essential to carefully read and understand the instructions provided. This will ensure that you accurately complete the form and include all necessary information.
2. Provide property details: Begin by entering the property address, including the street number, city, state, and zip code. Make sure the information is accurate and matches all other documentation related to the property.
3. Identify the parties involved: The short sale addendum requires the identification of all parties involved in the transaction. This includes the buyer, seller, and any real estate agents or brokers representing them. Fill in the required fields with the appropriate names, contact information, and license numbers if applicable.
4. Determine the sales price: Specify the agreed-upon sales price for the property. This should be a realistic and mutually acceptable amount. Consider any liens, outstanding balances, or negotiations that may have influenced the final sales price.
5. Include any contingencies: If there are any contingencies or conditions that must be met before the sale can be finalized, they should be clearly stated in this section. These contingencies may include the buyer obtaining financing or the seller resolving any outstanding issues.
6. Disclose buyer financing and funds: Indicate whether the buyer intends to finance the purchase or if they will provide cash funds. If the buyer is financing, disclose the lender's information and any stipulations related to the loan.
7. Address repairs or repairs credits: If there are any repairs or repair credits agreed upon as part of the sale, provide details about the repairs needed, the estimated costs, and who will be responsible for completing them.
8. Specify the closing date: Determine the closing date for the transaction. This is the date when the property ownership will be transferred to the buyer. Make sure all parties involved agree on the chosen date.
9. Signatures and dates: Ensure that all required signatures are obtained from the buyer, seller, and any other relevant individuals involved in the transaction. Each signature should be accompanied by the date of signing.

Who needs short sale addendum to:

1. Homeowners facing foreclosure: Homeowners who are unable to make their mortgage payments and facing the risk of foreclosure may need to pursue a short sale. By utilizing a short sale addendum, they can formally document the terms and conditions of the transaction and present it to the lender for approval.
2. Buyers interested in purchasing a short sale property: Buyers interested in purchasing a short sale property typically require a short sale addendum to ensure that all parties are on the same page regarding the terms of the sale. This document helps protect their interests and specifies any contingencies or conditions they require for the deal to proceed.
3. Real estate agents and brokers: Real estate agents and brokers who are representing either the buyer or seller in a short sale transaction may need to use the short sale addendum as part of their documentation. This ensures that all necessary information and agreements are recorded correctly and legally.

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What is short sale addendum to?

Short sale addendum is a document that is added to a real estate purchase agreement to address specific issues related to the sale of a property that is sold short of the amount owed on the mortgage.

Who is required to file short sale addendum to?

The seller, buyer, and sometimes the lender are required to file a short sale addendum.

How to fill out short sale addendum to?

The short sale addendum should be filled out by providing all necessary information related to the short sale transaction, such as the sale price, terms of the sale, and any additional conditions or provisions.

What is the purpose of short sale addendum to?

The purpose of the short sale addendum is to outline the specific terms and conditions of the sale of a property that is being sold short of the mortgage amount owed.

What information must be reported on short sale addendum to?

The information reported on a short sale addendum typically includes the property address, sale price, terms of sale, and any special conditions that apply to the transaction.