Rhode Island 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 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.

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

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.

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...

An addendum is an additional document that gets added to the purchase and sale agreement. The document will include any additional information or requests that the buyer did not put into the original purchase and sale agreement.

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.

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.

A short sale happens when a homeowner owes more on the mortgage balance than the market value or sale price of the property at the point the owner wants to sell. For a short sale, the homeowner is essentially asking the mortgage lender (typically a bank) to accept a lesser amount than the total mortgage owed.

Are Short Sale Home Prices Negotiable? Short sale home prices are negotiable, but not in the same way as the sale price in a traditional purchase is. As the seller, you may be motivated to get rid of the propertybut the mortgage lender must ultimately decide whether to accept an offer.

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

Description

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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's the purpose of a short sale?

What is an addendum example?

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

What is short sale addendum?

How do you add an addendum to a document?

What is a purchase addendum?

How do you write an addendum to a purchase agreement?

How do you write a change in price addendum?

What is the difference between a short sale and a regular sale?

Is a short sale price negotiable?

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Rhode Island 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's the purpose of a short sale?

What is an addendum example?

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

What is short sale addendum?

How do you add an addendum to a document?

What is a purchase addendum?

How do you write an addendum to a purchase agreement?

How do you write a change in price addendum?

What is the difference between a short sale and a regular sale?

Is a short sale price negotiable?

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