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.
The Bronx, New York, is one of the five boroughs of New York City and is home to a diverse community. It is known for its rich history, vibrant culture, and iconic landmarks such as Yankee Stadium and the Bronx Zoo. Located in the northern part of New York City, the Bronx offers a unique urban experience with a mix of residential and commercial areas. A Bronx New York Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate is a legal document that amends a standard real estate purchase and sale contract specifically for properties undergoing a short sale process in the Bronx. In a short sale, the lender agrees to accept less money than what is owed on the mortgage, allowing the homeowner to avoid foreclosure. This addendum serves to outline specific terms and conditions related to the short sale process. It addresses key aspects, such as the purchase price, buyer's responsibilities, seller's obligations, and the role of the lender. The addendum ensures that both the buyer and seller are aware of the unique circumstances of the property and the transaction. Different types of Bronx New York Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate may vary based on specific requirements or conditions. Some possible variations could include: 1. Traditional Short Sale Addendum: This type of addendum deals with a standard short sale process in which the buyer and seller follow the basic guidelines set forth by the lender. 2. Distressed Property Short Sale Addendum: This addendum may be used for properties in significant disrepair or with extensive maintenance needs, requiring additional clauses to address the condition and potential repairs. 3. Multiple Lien Short Sale Addendum: When a property has multiple liens or encumbrances, an addendum may be necessary to outline how these obligations will be addressed during the short sale process. 4. Investor Short Sale Addendum: This type of addendum may cater to buyers or investors who are interested in acquiring properties for investment purposes, with specific provisions related to rental income or future development plans. 5. Cash Buyer Short Sale Addendum: When a buyer intends to purchase the property using cash instead of financing, a cash buyer addendum may be included to address the lack of a mortgage contingency clause and the associated timelines. These are just a few examples of potential variations of a Bronx New York Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate. Each addendum will be uniquely tailored to the specific circumstances of the short sale transaction, taking into account the interests and obligations of both the buyer and seller.The Bronx, New York, is one of the five boroughs of New York City and is home to a diverse community. It is known for its rich history, vibrant culture, and iconic landmarks such as Yankee Stadium and the Bronx Zoo. Located in the northern part of New York City, the Bronx offers a unique urban experience with a mix of residential and commercial areas. A Bronx New York Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate is a legal document that amends a standard real estate purchase and sale contract specifically for properties undergoing a short sale process in the Bronx. In a short sale, the lender agrees to accept less money than what is owed on the mortgage, allowing the homeowner to avoid foreclosure. This addendum serves to outline specific terms and conditions related to the short sale process. It addresses key aspects, such as the purchase price, buyer's responsibilities, seller's obligations, and the role of the lender. The addendum ensures that both the buyer and seller are aware of the unique circumstances of the property and the transaction. Different types of Bronx New York Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate may vary based on specific requirements or conditions. Some possible variations could include: 1. Traditional Short Sale Addendum: This type of addendum deals with a standard short sale process in which the buyer and seller follow the basic guidelines set forth by the lender. 2. Distressed Property Short Sale Addendum: This addendum may be used for properties in significant disrepair or with extensive maintenance needs, requiring additional clauses to address the condition and potential repairs. 3. Multiple Lien Short Sale Addendum: When a property has multiple liens or encumbrances, an addendum may be necessary to outline how these obligations will be addressed during the short sale process. 4. Investor Short Sale Addendum: This type of addendum may cater to buyers or investors who are interested in acquiring properties for investment purposes, with specific provisions related to rental income or future development plans. 5. Cash Buyer Short Sale Addendum: When a buyer intends to purchase the property using cash instead of financing, a cash buyer addendum may be included to address the lack of a mortgage contingency clause and the associated timelines. These are just a few examples of potential variations of a Bronx New York Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate. Each addendum will be uniquely tailored to the specific circumstances of the short sale transaction, taking into account the interests and obligations of both the buyer and seller.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
