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SHORT SALE ADDENDUM NOTE: The Backup Contract Addendum (form 2A1T) should NOT be used in conjunction with this form when more than one contract of sale is being signed by Seller, as this form manages

How to fill out short sale addendum

How to fill out short sale addendum

1. To fill out a short sale addendum, follow these steps:
2. Start by downloading or obtaining the short sale addendum form from a reliable source.
3. Read through the instructions and requirements provided in the form to understand what information needs to be filled.
4. Begin by entering the date of the addendum at the top.
5. Fill in the seller's name, address, and contact details in the designated fields.
6. Provide the buyer's name, address, and contact details.
7. Specify the property address and legal description, if requested.
8. Include the name and contact details of the listing agent and buyer's agent.
9. Enter any additional terms and conditions relevant to the short sale agreement in the designated section.
10. Carefully review the completed addendum for accuracy and completeness.
11. Sign and date the addendum, along with the seller, buyer, listing agent, and buyer's agent, as required.
12. Make copies of the signed addendum for all parties involved and keep a copy for your records.

Who needs short sale addendum?

1. Short sale addendums are typically needed in real estate transactions where the seller is attempting to sell the property for less than the amount owed on the mortgage.
2. The following parties may require a short sale addendum:
3. - Sellers who are facing financial hardship and unable to pay off their mortgage debt in full.
4. - Buyers who are interested in purchasing a property through a short sale.
5. - Real estate agents representing sellers or buyers involved in short sale transactions.
6. - Lenders or financial institutions involved in the short sale process.
7. It is important to consult with a professional such as a real estate agent or attorney to determine whether a short sale addendum is necessary in your specific situation.

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What is short sale addendum?

Short sale addendum is a document that is used to add additional terms and conditions to a real estate short sale transaction.

Who is required to file short sale addendum?

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

How to fill out short sale addendum?

The short sale addendum can be filled out by completing all the required fields with the necessary information pertaining to the short sale transaction.

What is the purpose of short sale addendum?

The purpose of the short sale addendum is to outline any additional terms and conditions that are specific to the short sale transaction and may not be covered in the original sales contract.

What information must be reported on short sale addendum?

The short sale addendum must include details such as any additional contingencies, special conditions, or agreements made between the buyer and seller.