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VT Short Sale Addendum free printable template

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VERMONT SHORT SALE ADDENDUM I. The Parties. This Short Sale Addendum (Addendum) is to be made part of the Purchase Agreement dated, 20 (Agreement) made between (Seller) and (Buyer) for the property
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How to fill out VT Short Sale Addendum

01
Obtain the VT Short Sale Addendum form from a reliable source, such as a real estate agent or legal professional.
02
Review the instructions provided on the form to understand the required information.
03
Fill in the property details, including the address and any relevant property identification numbers.
04
Provide information about the seller(s), including their names and contact information.
05
Include the details of the lien holders and any mortgage information.
06
Complete the financial information request, detailing current debts, incomes, and assets.
07
Ensure all required signatures are obtained from the seller(s) and any involved parties.
08
Attach any necessary supporting documents, such as financial hardship letters, tax returns, and bank statements.
09
Review the completed form for accuracy and completeness before submission.
10
Submit the addendum to the lender as part of the short sale process.

Who needs VT Short Sale Addendum?

01
Homeowners facing financial difficulties and needing to sell their property for less than what they owe on their mortgage.
02
Real estate professionals assisting clients in processing short sales.
03
Lenders or financial institutions involved in short sale transactions.
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The VT Short Sale Addendum is a document used in real estate transactions in Vermont that outlines the terms and conditions under which a short sale will occur. It provides additional disclosures and information necessary to facilitate the sale of a property when the seller owes more on their mortgage than the property's current market value.
The VT Short Sale Addendum must be filed by the seller of the property who is looking to complete a short sale, as well as by their real estate agent. Additionally, the lender will also need to review and accept the addendum as part of the overall short sale process.
To fill out the VT Short Sale Addendum, the seller must provide information such as the property address, details of the mortgage(s) including outstanding balances, the listing price, and the proposed terms of the short sale. The seller should also include any necessary disclosures regarding the property's condition and any existing liens.
The purpose of the VT Short Sale Addendum is to provide a clear framework for conducting a short sale, outlining the responsibilities of all parties involved and ensuring that the sale complies with state regulations. It helps to protect the interests of the seller, buyer, and lender during the short sale process.
The information that must be reported on the VT Short Sale Addendum includes the names and contact information of the seller(s), the details of the existing mortgages, the proposed sale price, buyer information, and any liens on the property. Additionally, disclosures related to the property condition and existing offers may also be required.
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