A Short Sale Addendum to Contract to Buy and Sell Real Estate is a legally binding document that is added to an existing real estate purchase and sale agreement in order to modify the terms of the deal when the seller owes more on the property than it is worth. This type of addendum is often used in situations where the seller is looking to avoid foreclosure by negotiating a discounted price with the lender. The Short Sale Addendum typically outlines the terms of the sale, including the purchase price, closing costs, and timeline for completion. It also outlines the buyer's responsibility for paying any outstanding mortgage balances, taxes, and other liens. In some cases, the addendum will also include a contingency that the buyer must be approved for a loan from the lender before the sale is finalized. Types of Short Sale Addendum to Contract to Buy and Sell Real Estate include: • Seller-initiated Short Sale Addendum: This type of addendum is initiated by the seller and outlines the terms of the seller's agreement with the lender. • Buyer-initiated Short Sale Addendum: This type of addendum is initiated by the buyer and outlines the terms of the buyer's agreement with the seller. • Third-Party Short Sale Addendum: This type of addendum is initiated by a third party and outlines the terms of the third party's agreement with the lender.
A Short Sale Addendum to Contract to Buy and Sell Real Estate is a legally binding document that is added to an existing real estate purchase and sale agreement in order to modify the terms of the deal when the seller owes more on the property than it is worth. This type of addendum is often used in situations where the seller is looking to avoid foreclosure by negotiating a discounted price with the lender. The Short Sale Addendum typically outlines the terms of the sale, including the purchase price, closing costs, and timeline for completion. It also outlines the buyer's responsibility for paying any outstanding mortgage balances, taxes, and other liens. In some cases, the addendum will also include a contingency that the buyer must be approved for a loan from the lender before the sale is finalized. Types of Short Sale Addendum to Contract to Buy and Sell Real Estate include: • Seller-initiated Short Sale Addendum: This type of addendum is initiated by the seller and outlines the terms of the seller's agreement with the lender. • Buyer-initiated Short Sale Addendum: This type of addendum is initiated by the buyer and outlines the terms of the buyer's agreement with the seller. • Third-Party Short Sale Addendum: This type of addendum is initiated by a third party and outlines the terms of the third party's agreement with the lender.
