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  • Wy Short Sale Addendum

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WYOMING 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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A sale addendum is a legal document that outlines additional terms and conditions related to a real estate transaction. It offers clarity on specific aspects that may not be addressed in the main contract. For those involved in a short sale, the WY Short Sale Addendum is crucial as it provides detailed information on the terms under which the sale will occur, ensuring that all parties understand their rights and obligations.

An SPS addendum, or Servicer Portfolio Sale addendum, is a standard document used in short sales. This document provides specific instructions from the lender regarding the sale of a property, helping to ensure compliance with their requirements. It is essential for anyone entering a short sale to understand the implications of this addendum, including its role in communicating with the lender effectively. US Legal Forms can help you access this crucial document and simplify your short sale process.

A short sale addendum is a legal document that outlines the terms and conditions related to a short sale transaction. In the context of a WY Short Sale Addendum, it details the agreement between the seller, buyer, and lender regarding the sale of the property for less than the mortgage owed. This document clarifies each party's obligations and protects their interests throughout the short sale process. Using a reliable platform like USLegalForms can simplify obtaining and filling out this important document.

To put an offer on a short sale, first, review the property’s listing details and its WY Short Sale Addendum. Next, submit a written offer to the seller's agent, including any conditions you might have. The seller will then review this offer and submit it to the lender for approval. Patience is important in this process, as lender approval can take time.

A key provision in a WY Short Sale Addendum addresses the lender's acceptance of the sale terms. This provision ensures that the short sale can proceed without the seller facing additional financial liabilities. It's crucial for both buyers and sellers to understand how this affects the transaction. Clear documentation of lender approval helps streamline the process and avoids potential roadblocks.

A standard short sale addendum generally addresses a number of items that are specific and unique to the agreement of sale. These may include: An acknowledgement that the transaction is a short sale, and that as such there are additional third parties that have an interest in the property being sold.

The "short" part of a short sale refers to the bank taking a loss on the property, since the selling price is short of the amount that the seller owes. Short sales differ from foreclosures.

A short sale (Short Sale) is a transaction in which a Lienholder releases its Lien against Property and (1) accepts an amount less than the full amount a Lienholder claims is owed or (2) treats the debt secured by a Lien differently than as originally provided for in the evidence of debt (such as a promissory note).

The form of this addendum has been approved by the Texas Real Estate Commission for use only with similarly approved or promulgated forms of contracts. Such approval relates to this contract form only. TREC forms are intended for use only by trained real estate licensees.

This means that the buyer and seller must wait 45 days from the time that they sign the short-sale contract to get the sale price approved by the mortgage lender. If this approval does not come within the 45-day period, the buyer or seller is free to terminate the short sale contract.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Privacy Notice
Legal Hub
Content Takedown Policy
Bug Bounty Program
About Us
Blog
Affiliates
Contact Us
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate WorkFlow
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232