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SHORT SALE ADDENDUM TO MULTI-BOARD RESIDENTIAL REAL ESTATE CONTRACT 6.0 (Use only with Multi-Board 6.0) 1 SELLER NAME(S): 2 BUYER NAME(S): 3 4 This Addendum is attached to and made part of a certain

How to fill out short sale addendum to

How to Fill out Short Sale Addendum To:

1. Obtain the necessary documents: Before filling out the short sale addendum, gather all the relevant documents such as the purchase agreement, financial statements, and any other required paperwork.
2. Understand the purpose: Familiarize yourself with the purpose of the short sale addendum. It is typically used to outline any additional terms and conditions specific to the short sale transaction.
3. Review the addendum: Carefully read through the short sale addendum to understand its contents and ensure compliance with any applicable laws and regulations.
4. Complete the required fields: Fill in all the required fields on the short sale addendum. These may include the buyer and seller's names, property address, purchase price, closing date, and any additional terms specific to the short sale.
5. Seek professional advice, if needed: If you are uncertain about any aspect of the short sale addendum, consider seeking advice from a real estate attorney or an experienced real estate agent who specializes in short sales.

Who Needs Short Sale Addendum To:

1. Homeowners facing financial distress: Homeowners who are unable to meet their mortgage obligations and consider a short sale as an option may need a short sale addendum to outline the terms of the transaction.
2. Buyers interested in purchasing short sale properties: Buyers looking to acquire a property through a short sale should familiarize themselves with the short sale addendum as it provides additional terms and conditions that may be specific to the transaction.
3. Real estate professionals involved in short sales: Real estate agents, brokers, and other professionals involved in facilitating short sales should understand the importance of the short sale addendum and how to properly complete it.

Remember, it is always recommended to consult with a professional or seek legal advice to ensure that the short sale addendum is filled out accurately and in compliance with all applicable laws and guidelines.

People Also Ask about

Which one requires a short sale addendum?

Of the choices below, which one requires a Short-Sale Addendum? The answer is Freddie Mac. Freddie Mac provides a short-sale addendum form that is required of all servicers of Freddie Mac loans.

What is seller's net proceeds short sell?

In a short sale, there are no proceeds to the seller. Lenders allow these costs to be deducted from the proceeds of the sale and, in fact, collect the "net" proceeds - what is left afterwards.

What is the short sale addendum?

A standard short sale addendum generally addresses a number of items that are specific and unique to the agreement of sale. These may include: An acknowledgement that the transaction is a short sale, and that as such there are additional third parties that have an interest in the property being sold.

What are sellers net proceeds in the TREC short sale addendum?

As used in this Addendum, “Seller's net proceeds” means the Sales Price less Seller's Expenses under Paragraph 12 of the contract and Seller's obligation to pay any brokerage fees.

Does TREC have a short sale addendum?

The form of this addendum has been approved by the Texas Real Estate Commission for use only with similarly approved or promulgated forms of contracts. Such approval relates to this contract form only. TREC forms are intended for use only by trained real estate licensees.

When must the option fee be paid under the TREC short sale addendum?

The buyer must deliver the option fee to the title company within three days after the effective date of the contract.

For pdfFiller’s FAQs

What is short sale addendum to?

Short sale addendum is added to the purchase agreement.

Who is required to file short sale addendum to?

The seller and buyer involved in a short sale transaction.

How to fill out short sale addendum to?

The short sale addendum should be completed with all relevant details of the short sale agreement.

What is the purpose of short sale addendum to?

The purpose is to outline the specific terms and conditions of the short sale transaction.

What information must be reported on short sale addendum to?

Information such as sale price, closing date, and any special conditions should be reported.

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