Common Contracts
1 similar Short Sale Addendum contracts
Agreement of sale format pdfShort Sale Addendum • May 15th, 2021
The short sale addendum is for a real estate seller who owes more money on the property that is worth. Therefore, the seller is required to field offers from potential buyers and add this addendum to the purchase contract that requires the seller to ask for the consent of the creditor in order to sell the property. The seller may still be obliged to pay the creditor the remaining balance after closing. While the seller is looking for the creditor's consent, the buyer may opt-out of the agreement. At the same time, the seller can place as many offers as possible, while at the same time negotiating with the buyer. Proof difficulty – In most cases, the seller will try to claim some kind of financial difficulties for the creditor in order to have the short sale approved. This may be due to a change of economic events, loss of work, medical reasons, etc. Content Table Bank of America Wells Fargo The process of a short sale is just like any other real estate transaction, except that the sell
