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 West Virginia Short Sale Addendum to Contract for the Price, Purchase, and Sale of Real Estate is a legally binding document that provides additional terms and conditions for a property transaction involving a short sale in West Virginia. This addendum is specifically designed to address the unique aspects of a short sale and protect the interests of both the buyer and seller. In the West Virginia Short Sale Addendum, several relevant keywords are essential to understand its contents and implications. It covers important elements such as the purchase price, timelines, contingencies, and responsibilities of the involved parties. The following types of West Virginia Short Sale Addendum to Contract for the Price, Purchase, and Sale of Real Estate can be identified: 1. West Virginia Short Sale Addendum: This is the standard short sale addendum used in West Virginia. It outlines the terms and conditions that pertain to a short sale transaction in the state. 2. West Virginia Short Sale Addendum Including Financing Contingency: This type of addendum includes a financing contingency clause, which states that the sale is subject to the buyer obtaining satisfactory financing. This protects the buyer in case they are unable to secure financing for the agreed-upon purchase price. 3. West Virginia Short Sale Addendum Excluding Financing Contingency: In contrast to the previous type, this addendum removes the financing contingency clause. The buyer acknowledges that they are purchasing the property without the need for financing and will provide proof of funds to complete the transaction. 4. West Virginia Short Sale Addendum with Inspection Contingency: This addendum includes an inspection contingency clause, allowing the buyer to conduct a satisfactory property inspection within a given timeframe. It provides the buyer with an opportunity to identify any potential issues with the property before finalizing the purchase. 5. West Virginia Short Sale Addendum with Homeowner's Association (HOA) Contingency: In cases where the property is subject to a homeowners' association, this addendum includes a contingency that ensures the buyer's satisfaction with the HOA's governing documents, fees, and regulations. The buyer has a specific window to review and approve the HOA before committing to the purchase. It is important to note that these examples are not an exhaustive list and that variations of the West Virginia Short Sale Addendum may exist. However, regardless of the specific type, this addendum provides crucial protection and guidance for buyers and sellers involved in a short sale transaction in West Virginia, ensuring a clear understanding of the terms and conditions agreed upon.The West Virginia Short Sale Addendum to Contract for the Price, Purchase, and Sale of Real Estate is a legally binding document that provides additional terms and conditions for a property transaction involving a short sale in West Virginia. This addendum is specifically designed to address the unique aspects of a short sale and protect the interests of both the buyer and seller. In the West Virginia Short Sale Addendum, several relevant keywords are essential to understand its contents and implications. It covers important elements such as the purchase price, timelines, contingencies, and responsibilities of the involved parties. The following types of West Virginia Short Sale Addendum to Contract for the Price, Purchase, and Sale of Real Estate can be identified: 1. West Virginia Short Sale Addendum: This is the standard short sale addendum used in West Virginia. It outlines the terms and conditions that pertain to a short sale transaction in the state. 2. West Virginia Short Sale Addendum Including Financing Contingency: This type of addendum includes a financing contingency clause, which states that the sale is subject to the buyer obtaining satisfactory financing. This protects the buyer in case they are unable to secure financing for the agreed-upon purchase price. 3. West Virginia Short Sale Addendum Excluding Financing Contingency: In contrast to the previous type, this addendum removes the financing contingency clause. The buyer acknowledges that they are purchasing the property without the need for financing and will provide proof of funds to complete the transaction. 4. West Virginia Short Sale Addendum with Inspection Contingency: This addendum includes an inspection contingency clause, allowing the buyer to conduct a satisfactory property inspection within a given timeframe. It provides the buyer with an opportunity to identify any potential issues with the property before finalizing the purchase. 5. West Virginia Short Sale Addendum with Homeowner's Association (HOA) Contingency: In cases where the property is subject to a homeowners' association, this addendum includes a contingency that ensures the buyer's satisfaction with the HOA's governing documents, fees, and regulations. The buyer has a specific window to review and approve the HOA before committing to the purchase. It is important to note that these examples are not an exhaustive list and that variations of the West Virginia Short Sale Addendum may exist. However, regardless of the specific type, this addendum provides crucial protection and guidance for buyers and sellers involved in a short sale transaction in West Virginia, ensuring a clear understanding of the terms and conditions agreed upon.
