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.
A Cuyahoga Ohio Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate is a legally binding document that outlines specific terms and conditions related to the purchase of a property through a short sale transaction. It is crucial to understand the various types or variations of this addendum that may exist: 1. Standard Cuyahoga Ohio Short Sale Addendum: This specific type of addendum is commonly used when a property is being sold through a short sale process in Cuyahoga County, Ohio. It includes all the essential terms and conditions necessary to complete the transaction successfully. 2. Cuyahoga Ohio Short Sale Addendum with Contingencies: This variation of the addendum includes contingency clauses that protect the buyer's interests and permit them to back out of the contract under certain circumstances. Contingencies may include satisfactory property inspection, appraisal, financing, or the receipt of clear title. 3. Cuyahoga Ohio Short Sale Addendum for Cash Buyers: Cash buyers typically have a different set of requirements and considerations in a short sale transaction. This addendum, specifically tailored for cash buyers, may outline specific terms related to the cash offer, proof of funds, and potential closing timeline adjustments. 4. Cuyahoga Ohio Short Sale Addendum for FHA/VA Buyers: This addendum variation is designed for buyers utilizing Federal Housing Administration (FHA) or Department of Veterans Affairs (VA) financing. It may include additional clauses that comply with specific guidelines and restrictions imposed by these institutions. 5. Cuyahoga Ohio Short Sale Addendum for Investor Buyers: Investor buyers, who intend to purchase a property to either flip or rent out, may require a customized addendum. This addendum could outline clauses related to the buyer's rights to inspect the property, access for contractors, or possible delays associated with rental income verification. When dealing with a Cuyahoga Ohio Short Sale Addendum to Contract for Price, Purchase, and Sale of Real Estate, it is essential to consult with a qualified real estate attorney or experienced real estate professional who specializes in short sale transactions. This ensures all relevant keywords, terms, and conditions are accurately addressed, protecting the buyer's and seller's interests throughout the process.A Cuyahoga Ohio Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate is a legally binding document that outlines specific terms and conditions related to the purchase of a property through a short sale transaction. It is crucial to understand the various types or variations of this addendum that may exist: 1. Standard Cuyahoga Ohio Short Sale Addendum: This specific type of addendum is commonly used when a property is being sold through a short sale process in Cuyahoga County, Ohio. It includes all the essential terms and conditions necessary to complete the transaction successfully. 2. Cuyahoga Ohio Short Sale Addendum with Contingencies: This variation of the addendum includes contingency clauses that protect the buyer's interests and permit them to back out of the contract under certain circumstances. Contingencies may include satisfactory property inspection, appraisal, financing, or the receipt of clear title. 3. Cuyahoga Ohio Short Sale Addendum for Cash Buyers: Cash buyers typically have a different set of requirements and considerations in a short sale transaction. This addendum, specifically tailored for cash buyers, may outline specific terms related to the cash offer, proof of funds, and potential closing timeline adjustments. 4. Cuyahoga Ohio Short Sale Addendum for FHA/VA Buyers: This addendum variation is designed for buyers utilizing Federal Housing Administration (FHA) or Department of Veterans Affairs (VA) financing. It may include additional clauses that comply with specific guidelines and restrictions imposed by these institutions. 5. Cuyahoga Ohio Short Sale Addendum for Investor Buyers: Investor buyers, who intend to purchase a property to either flip or rent out, may require a customized addendum. This addendum could outline clauses related to the buyer's rights to inspect the property, access for contractors, or possible delays associated with rental income verification. When dealing with a Cuyahoga Ohio Short Sale Addendum to Contract for Price, Purchase, and Sale of Real Estate, it is essential to consult with a qualified real estate attorney or experienced real estate professional who specializes in short sale transactions. This ensures all relevant keywords, terms, and conditions are accurately addressed, protecting the buyer's and seller's interests throughout the process.
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.
