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Este Addendum aborda temas relacionados con la transacción de venta corta, en la cual el precio acordado para la propiedad no es suficiente para cubrir los costos totales del vendedor. Incluye disposiciones

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How to fill out short sale addendum

01

Understand the purpose of the short sale addendum and gather necessary documents.

02

Complete the top section with the names of the parties involved and property details.

03

Clearly state the terms of the short sale, including the sale price and any contingencies.

04

Add a section explaining the financial hardship that necessitates the short sale.

05

Include any relevant attachments such as the seller’s financial statements or hardship letter.

06

Review the addendum with all parties for accuracy before signing.

07

Submit the completed addendum to the lender for their review and approval.

Who needs short sale addendum?

01

Homeowners facing foreclosure who are seeking to sell their property for less than the amount owed on their mortgage.

02

Real estate agents and brokers representing sellers in the short sale process.

03

Lenders who require a short sale addendum to process the sale and evaluate financial circumstances.

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What is short sale addendum?

A short sale addendum is a document that is used in real estate transactions to outline the specific terms and conditions of a short sale agreement, including any concessions and the necessary approvals.

Who is required to file short sale addendum?

The seller of the property is typically required to file the short sale addendum as part of the short sale transaction process.

How to fill out short sale addendum?

To fill out a short sale addendum, you should provide all necessary details including the property's current value, the amount owed on the mortgage, the proposed sales price, and any additional terms agreed upon by the buyer and seller.

What is the purpose of short sale addendum?

The purpose of the short sale addendum is to formalize the terms of the short sale transaction, ensuring both buyer and seller agree on the conditions and that all parties are aware of the potential risks and requirements.

What information must be reported on short sale addendum?

The short sale addendum must report information such as the property address, involved parties, the current mortgage balance, the proposed sale price, any potential buyer concessions, and conditions for lender approval.

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