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VIRGINIA ASSOCIATION OF REALTORS SHORT SALE ADDENDUM TO EXCLUSIVE AUTHORIZATION TO SELL THIS SHORT SALE ADDENDUM is attached to and made a part of that Exclusive Authorization to Sell (the Listing)
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How to fill out virginia short sale addendum

01
To fill out the Virginia Short Sale Addendum, follow these steps:
02
Start by entering the date at the top of the addendum.
03
Fill in the name of the buyer and the seller in the designated spaces.
04
Provide the address of the property being sold.
05
Include the purchase price agreed upon by the buyer and seller.
06
Indicate any additional terms or conditions of the sale in the appropriate section.
07
Both the buyer and seller must sign and date the addendum to make it legally binding.
08
Make copies of the completed addendum for each party involved.
09
Attach the addendum to the purchase agreement or relevant contract.
10
Keep a copy of the completed addendum for your records.

Who needs virginia short sale addendum?

01
The Virginia Short Sale Addendum is typically needed in cases where a homeowner is selling their property as a short sale.
02
A short sale occurs when the proceeds from selling a property will not fully cover the outstanding mortgage debt.
03
In such cases, the lender may agree to accept a lower amount to release the lien on the property.
04
To formalize this agreement and include any additional terms or conditions, the Virginia Short Sale Addendum is used.
05
It is required by the lender, buyer, and seller involved in the short sale process.
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The Virginia short sale addendum is a document that is added to a real estate sales contract when a property is being sold for less than the amount owed on the mortgage.
The buyer and seller, along with their respective real estate agents, are required to file the Virginia short sale addendum.
The Virginia short sale addendum must be completed with all the required information, including details about the property, the terms of the sale, and any negotiations related to the short sale.
The purpose of the Virginia short sale addendum is to outline the specific terms and conditions of the short sale transaction and protect the interests of all parties involved.
The Virginia short sale addendum must include information about the property, the sale price, any additional terms or conditions, and any agreements between the buyer and seller.
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