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SHORT SALE ADDENDUM TO BUY AND SELL AGREEMENT Date:, covering Property located at between Buyer for the Property Seller and commonly known as, this Addendum to be deemed part of the attached Buy and

How to fill out short sale addendum to

How to fill out short sale addendum to:

1. Study the Purpose: Understand the purpose of the short sale addendum. It is typically used in real estate transactions where the sale of the property is being negotiated for less than what is owed on the mortgage.
2. Obtain the Form: Obtain a copy of the short sale addendum form from your real estate agent, attorney, or the appropriate real estate association. Make sure you have the most up-to-date version of the form.
3. Review the Instructions: Read through the instructions provided with the form. This will help you understand the specific requirements and guidelines for filling out the addendum.
4. Provide Property Information: Start by filling out the property information section of the addendum. This includes the address of the property being sold, as well as details about the mortgage and any liens or encumbrances on the property.
5. Outline the Offer: Next, provide details about the offer being made for the short sale. This includes the proposed purchase price, financing terms, and any contingencies or conditions.
6. Disclose Financial Information: The addendum may require you to disclose your financial information, including your income, assets, and liabilities. This is important for the lender to assess your eligibility for a short sale.
7. Include Required Documents: Attach any required documents to support your short sale request. This may include financial statements, hardship letters, and any other documentation requested by the lender or applicable laws.
8. Sign and Date: Once you have completed filling out the addendum, carefully review all the information provided. Ensure that it accurately reflects your intentions and the terms of the short sale offer. Sign and date the addendum accordingly.
9. Review with Professionals: It is highly recommended to review the filled-out addendum with your real estate agent, attorney, or any other professional familiar with short sales. They can provide guidance and ensure that all necessary information has been included.

Who needs short sale addendum to:

1. Homeowners facing financial hardship: Homeowners who are struggling to make their mortgage payments and are at risk of foreclosure may need to utilize a short sale as an alternative option. In such cases, they would need a short sale addendum to initiate the process and present the offer to the lender.
2. Buyers interested in purchasing a short sale property: Buyers interested in purchasing a property through a short sale transaction would also need a short sale addendum. This document outlines their offer and any contingencies or conditions they may have.
3. Lenders and financial institutions: Lenders and financial institutions involved in the short sale process require a short sale addendum to formalize the sale and ensure that all necessary information is provided for their approval process.

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What is short sale addendum to?

Short sale addendum is a document that is added to the purchase contract for a property being sold as a short sale.

Who is required to file short sale addendum to?

The seller and buyer involved in a short sale transaction are required to file the short sale addendum.

How to fill out short sale addendum to?

To fill out the short sale addendum, both parties must carefully review the terms and conditions of the sale, as well as any specific requirements outlined in the addendum.

What is the purpose of short sale addendum to?

The purpose of the short sale addendum is to outline any additional terms and conditions that are specific to a short sale transaction, such as the approval of the lender or the sale price.

What information must be reported on short sale addendum to?

Information such as the sale price, closing date, any special clauses or contingencies, and the approval process of the lender must be reported on the short sale addendum.