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Short Sale Addendum to Contract for the Price...

California Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate

Q: What&#039;s the purpose of the TREC approved short sale addendum?

What&#039;s the purpose of the TREC-approved Short Sale Addendum? To create provisions related to the lienholder&#039;s consent to the sale.

Category:

Real Estate - Contracts - Addendums

State:

Multi-State

Control #:

US-01185BG

Format:

Instant download

Description

In real estate, a short sale occurs when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor (i.e., the seller). Circumstances determine whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market climate and the individual borrower's financial situation. A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing.

This form is a sample of an Addendum to a standard real estate sales contract in order to incorporate the short sales provisions. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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How to fill out Short Sale Addendum To Contract For The Price, Purchase And Sale Of Real Estate?

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FAQ

A short sale addendum is a critical document in many short sale transactions because it provides the details regarding some of the following:Contingencies upon which a contract can be canceled or executed. Bank's approval of the short sale. Specific time period the buyer is willing to wait for short sale approval.

Typically, the bank or lender agrees to a short sale in order to recoup a portion of the mortgage loan owed to them. Short sales are becoming increasingly rare as the economy improves.

A short sale is when a mortgage lender agrees to accept a mortgage payoff amount less than what is owed in order to facilitate a sale of the property by a financially distressed owner. The lender forgives the remaining balance of the loan.

An example of an addendum being used would be if the parties wanted to add something to the original document. For instance, an individual who is purchasing a house may not want to purchase all of the furniture that is being left behind. However, after thinking about it further, he changes his mind.

Can You Negotiate A Short Sale? It is entirely possible to negotiate a short sale, but doing so can be a time-consuming process. Instead of negotiating with the seller alone, as is the case with most traditional sales, short sale negotiations must be approved by the lender, too.

Buyer contingencies are the most common addenda, according to Justin Ostow, a top real estate agent in Tampa, Florida, who completes 10% more sales than the average agent. Contingencies dictate certain conditions which must be met for the contract to go through.

What's the purpose of the TREC-approved Short Sale Addendum? To create provisions related to the lienholder's consent to the sale.

How to Create a Purchase Addendum (4 steps)Step 1 Get the Original Purchase Agreement. The buyer and seller should get a copy of the original purchase agreement.Step 2 Write the Addendum. Complete a blank addendum (Adobe PDF, Microsoft Word (.Step 3 Parties Agree and Sign.Step 4 Add to the Purchase Agreement.

End with an addendum to ensure you always get the last word in Word.Open the Word document to receive the addendum.Scroll to the last part of the document or press the Page Down key.Place the cursor to the right of the last character in the document.Type the word Addendum on the new line.More items...

Writing a Contract Addendum Name the parties to the contract. Indicate the addendum's effective date, using the same date format used in the original contract. Indicate the elements of the original contract that the addendum intends to change. Concisely but clearly describe the desired changes.

California Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate

Description

Related forms

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How to fill out Short Sale Addendum To Contract For The Price, Purchase And Sale Of Real Estate?

Form popularity

FAQ

What is the purpose of the short sale addendum?

Why would a lender agree to a short sale?

What's the purpose of a short sale?

What is an example of an addendum?

Will a bank negotiate on a short sale?

What is the most common sales contract addendum real estate?

What's the purpose of the TREC approved short sale addendum?

How do you write a purchase price addendum?

How do you add an addendum to a document?

How do you write a change in price addendum?

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California Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate

Description

Related forms

Viewed forms

How to fill out Short Sale Addendum To Contract For The Price, Purchase And Sale Of Real Estate?

Form popularity

FAQ

What is the purpose of the short sale addendum?

Why would a lender agree to a short sale?

What's the purpose of a short sale?

What is an example of an addendum?

Will a bank negotiate on a short sale?

What is the most common sales contract addendum real estate?

What's the purpose of the TREC approved short sale addendum?

How do you write a purchase price addendum?

How do you add an addendum to a document?

How do you write a change in price addendum?

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