Common Contracts
1 similar Short Sale Addendum contracts
Agreement for sale formatShort Sale Addendum • June 10th, 2021
The short sale addendum is for a seller of real estate that owes more money on the property than it’s worth. Therefore, the seller is required to field offers from potential buyers and add this addendum to the purchase agreement which requires the seller to seek the creditor’s consent in order to sell the property. The seller may still be obligated to pay the creditor the remaining balance after the closing. While the seller is seeking consent from the creditor, the buyer may opt-out of the agreement. At the same time, the seller may field as many offers as possible while at the same time negotiating with the buyer. Proving Hardship – In most cases, the seller will attempt to claim some type of financial hardship to the creditor in order to have the short sale approved. This may be due to a change in economic events, loss of job, medical reasons, etc. Table of Contents Bank of America Wells Fargo The process of a short sale is just like any other real estate transaction except that the
