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 Bexar Texas Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate is a vital document used in real estate transactions involving short sales in Bexar County, Texas. This addendum outlines specific conditions, terms, and contingencies that are unique to short sale transactions in the Bexar County area. One type of Bexar Texas Short Sale Addendum is the "Financial Approval Contingency." This addendum allows the buyer to enter into a contract for the purchase of the property, subject to the seller obtaining approval from their lender for a short sale. It includes details such as the time frame for the seller to provide proof of financial hardship, the lender's approval period, and the buyer's right to terminate the contract if the short sale is not approved. Another type of Bexar Texas Short Sale Addendum is the "Seller Contributions" addendum. This addendum enables the buyer and seller to negotiate the amount and conditions of any additional contributions the seller will make towards the short sale, such as paying unpaid property taxes, HOA fees, or other outstanding liens. Furthermore, the "Home Inspection Contingency" is commonly included in a Bexar Texas Short Sale Addendum. This contingency allows the buyer to conduct a comprehensive home inspection and negotiate repairs or remedies based on the inspection report. The addendum may specify the timeline for completion of the inspection and the negotiation process. The "Closing Date Extension" addendum can also be part of a Bexar Texas Short Sale Addendum. This document permits the buyer and seller to extend the closing deadline if necessary, due to delays in the short sale approval process or other contingencies that may arise. It is essential to consult with a licensed real estate agent or attorney familiar with Bexar County's specific regulations and guidelines to ensure compliance with the local laws when utilizing a Bexar Texas Short Sale Addendum. These addendums play a crucial role in protecting both buyers and sellers involved in short sale transactions in Bexar County, Texas, and provide a framework for a successful real estate transaction.The Bexar Texas Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate is a vital document used in real estate transactions involving short sales in Bexar County, Texas. This addendum outlines specific conditions, terms, and contingencies that are unique to short sale transactions in the Bexar County area. One type of Bexar Texas Short Sale Addendum is the "Financial Approval Contingency." This addendum allows the buyer to enter into a contract for the purchase of the property, subject to the seller obtaining approval from their lender for a short sale. It includes details such as the time frame for the seller to provide proof of financial hardship, the lender's approval period, and the buyer's right to terminate the contract if the short sale is not approved. Another type of Bexar Texas Short Sale Addendum is the "Seller Contributions" addendum. This addendum enables the buyer and seller to negotiate the amount and conditions of any additional contributions the seller will make towards the short sale, such as paying unpaid property taxes, HOA fees, or other outstanding liens. Furthermore, the "Home Inspection Contingency" is commonly included in a Bexar Texas Short Sale Addendum. This contingency allows the buyer to conduct a comprehensive home inspection and negotiate repairs or remedies based on the inspection report. The addendum may specify the timeline for completion of the inspection and the negotiation process. The "Closing Date Extension" addendum can also be part of a Bexar Texas Short Sale Addendum. This document permits the buyer and seller to extend the closing deadline if necessary, due to delays in the short sale approval process or other contingencies that may arise. It is essential to consult with a licensed real estate agent or attorney familiar with Bexar County's specific regulations and guidelines to ensure compliance with the local laws when utilizing a Bexar Texas Short Sale Addendum. These addendums play a crucial role in protecting both buyers and sellers involved in short sale transactions in Bexar County, Texas, and provide a framework for a successful real estate transaction.
