A Short Sale Addendum to Contract for the Purchase and Sale of Real Estate is a legal document that is added to a real estate purchase agreement in order to provide additional information regarding the short sale of the property. A short sale is when a seller agrees to sell a home for less than what is owed to the lender. This document outlines the specific terms of the short sale and the parties involved, including the buyer, seller, and lender. It typically includes information about the sale price, any additional costs associated with the transaction, and the timeframe for completion. There are two types of Short Sale Addendum to Contract for the Purchase and Sale of Real Estate: a buyer-initiated addendum and a lender-initiated addendum. A buyer-initiated addendum outlines the terms and conditions of a short sale agreement as agreed upon between the buyer and the seller, including the agreed-upon purchase price, the timeframe for completion, and any other relevant details. A lender-initiated addendum is a document created by the lender that outlines the terms of the short sale and any additional requirements that must be met in order for the transaction to be completed. This document may also include a repayment plan or other options for the seller to pay back the balance of the loan.
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