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.
Chicago, Illinois is a bustling city known for its vibrant culture, iconic architecture, and diverse neighborhoods. When it comes to buying or selling real estate in Chicago, a crucial document to be familiar with is the Short Sale Addendum to the Contract for the Price, Purchase, and Sale of Real Estate. This addendum is specifically used when a property is being sold for an amount lower than the outstanding mortgage balance. The Chicago Illinois Short Sale Addendum to Contract for the Price, Purchase, and Sale of Real Estate is a legal agreement that outlines the terms and conditions of a short sale transaction. It is designed to protect both the buyer and the seller involved in the real estate deal, ensuring a smooth and transparent process. Keywords: Chicago, Illinois, short sale, addendum, contract, price, purchase, sale, real estate Different types of Chicago Illinois Short Sale Addendums to Contract for the Price, Purchase, and Sale of Real Estate may include: 1. Residential Short Sale Addendum: This type of addendum is used when the property being sold is a residential dwelling, such as a house, condominium, or townhouse. 2. Commercial Short Sale Addendum: In the case of commercial properties, such as retail spaces, office buildings, or industrial properties, a specific addendum tailored to commercial real estate transactions may be necessary. 3. Multi-Family Short Sale Addendum: When selling a multi-unit property, such as a duplex, triplex, or apartment building, a multi-family short sale addendum is utilized to address the unique considerations and requirements associated with such properties. No matter the type of property, a well-drafted Short Sale Addendum to the Contract for the Price, Purchase, and Sale of Real Estate ensures that all parties involved have a clear understanding of the terms, conditions, and obligations associated with the short sale transaction. It covers critical aspects, including the purchase price, closing timeline, inspection periods, and special provisions for any lender-approval contingencies. In conclusion, if you are buying or selling real estate in Chicago, Illinois, understanding and utilizing the appropriate Short Sale Addendum to Contract for the Price, Purchase, and Sale of Real Estate is crucial. It helps protect the interests of both the buyer and the seller, and streamlines the process for a successful short sale transaction.Chicago, Illinois is a bustling city known for its vibrant culture, iconic architecture, and diverse neighborhoods. When it comes to buying or selling real estate in Chicago, a crucial document to be familiar with is the Short Sale Addendum to the Contract for the Price, Purchase, and Sale of Real Estate. This addendum is specifically used when a property is being sold for an amount lower than the outstanding mortgage balance. The Chicago Illinois Short Sale Addendum to Contract for the Price, Purchase, and Sale of Real Estate is a legal agreement that outlines the terms and conditions of a short sale transaction. It is designed to protect both the buyer and the seller involved in the real estate deal, ensuring a smooth and transparent process. Keywords: Chicago, Illinois, short sale, addendum, contract, price, purchase, sale, real estate Different types of Chicago Illinois Short Sale Addendums to Contract for the Price, Purchase, and Sale of Real Estate may include: 1. Residential Short Sale Addendum: This type of addendum is used when the property being sold is a residential dwelling, such as a house, condominium, or townhouse. 2. Commercial Short Sale Addendum: In the case of commercial properties, such as retail spaces, office buildings, or industrial properties, a specific addendum tailored to commercial real estate transactions may be necessary. 3. Multi-Family Short Sale Addendum: When selling a multi-unit property, such as a duplex, triplex, or apartment building, a multi-family short sale addendum is utilized to address the unique considerations and requirements associated with such properties. No matter the type of property, a well-drafted Short Sale Addendum to the Contract for the Price, Purchase, and Sale of Real Estate ensures that all parties involved have a clear understanding of the terms, conditions, and obligations associated with the short sale transaction. It covers critical aspects, including the purchase price, closing timeline, inspection periods, and special provisions for any lender-approval contingencies. In conclusion, if you are buying or selling real estate in Chicago, Illinois, understanding and utilizing the appropriate Short Sale Addendum to Contract for the Price, Purchase, and Sale of Real Estate is crucial. It helps protect the interests of both the buyer and the seller, and streamlines the process for a successful short sale transaction.
