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 Phoenix Arizona Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate is a legal document that is commonly used in real estate transactions in Phoenix, Arizona. This addendum is specifically designed for properties that are being sold through a short sale process. A short sale occurs when a homeowner is unable to continue making mortgage payments and decides to sell the property for less than the remaining balance on the loan. In order for a short sale to be finalized, the lender must agree to accept the lower sale price as full payment for the outstanding debt. The Phoenix Arizona Short Sale Addendum is used to facilitate this process and outline the specific terms and conditions of the sale. The addendum includes various key elements. Firstly, it clearly identifies the property being sold, including its legal description and address. It also specifies the agreed-upon purchase price, which is typically lower than the market value due to the short sale circumstances. Additionally, the addendum states that the sale is contingent on the lender's approval of the short sale and outlines the timeline for obtaining this approval. Furthermore, the Phoenix Arizona Short Sale Addendum addresses the responsibilities and obligations of both the buyer and the seller. It outlines any repairs or improvements that are required or desired by the buyer and determines who will be responsible for these costs. It may also include provisions regarding the transfer of possession and occupancy of the property. Furthermore, it is important to note that there may be different types of Phoenix Arizona Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate, based on specific circumstances or requirements. For example, there might be separate addenda for residential and commercial properties, or addenda that address additional contingencies or special considerations. In conclusion, the Phoenix Arizona Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate is a vital document in facilitating the sale of properties through a short sale process. It provides the necessary details, terms, and conditions for the transaction, ensuring that both the buyer and seller understand their obligations and rights.The Phoenix Arizona Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate is a legal document that is commonly used in real estate transactions in Phoenix, Arizona. This addendum is specifically designed for properties that are being sold through a short sale process. A short sale occurs when a homeowner is unable to continue making mortgage payments and decides to sell the property for less than the remaining balance on the loan. In order for a short sale to be finalized, the lender must agree to accept the lower sale price as full payment for the outstanding debt. The Phoenix Arizona Short Sale Addendum is used to facilitate this process and outline the specific terms and conditions of the sale. The addendum includes various key elements. Firstly, it clearly identifies the property being sold, including its legal description and address. It also specifies the agreed-upon purchase price, which is typically lower than the market value due to the short sale circumstances. Additionally, the addendum states that the sale is contingent on the lender's approval of the short sale and outlines the timeline for obtaining this approval. Furthermore, the Phoenix Arizona Short Sale Addendum addresses the responsibilities and obligations of both the buyer and the seller. It outlines any repairs or improvements that are required or desired by the buyer and determines who will be responsible for these costs. It may also include provisions regarding the transfer of possession and occupancy of the property. Furthermore, it is important to note that there may be different types of Phoenix Arizona Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate, based on specific circumstances or requirements. For example, there might be separate addenda for residential and commercial properties, or addenda that address additional contingencies or special considerations. In conclusion, the Phoenix Arizona Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate is a vital document in facilitating the sale of properties through a short sale process. It provides the necessary details, terms, and conditions for the transaction, ensuring that both the buyer and seller understand their obligations and rights.
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.
