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 Wake North Carolina Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate is a legal document that serves as an extension or addition to the main contract when dealing with short sale transactions in Wake County, North Carolina. It outlines specific terms, conditions, and obligations that are unique to this type of real estate transaction. Keywords: Wake North Carolina, Short Sale Addendum, Contract, Price, Purchase, Sale, Real Estate Types of Wake North Carolina Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate: 1. Standard Wake North Carolina Short Sale Addendum: This is the most common type of addendum used in short sale transactions in Wake County, North Carolina. It includes standard terms and conditions related to the sale price, purchase, and sale of the property. 2. Modified Wake North Carolina Short Sale Addendum: This type of addendum may be used when there are specific modifications required to the terms and conditions outlined in the standard addendum. It addresses any negotiated changes in the purchase price or additional conditions agreed upon by the parties involved. 3. Contingency Wake North Carolina Short Sale Addendum: This addendum is used when certain contingencies need to be included in the contract due to the nature of the short sale transaction. It may include provisions related to lender approval, third-party review, or other factors that could affect the sale. 4. Disclosure Wake North Carolina Short Sale Addendum: In some cases, a specific disclosure addendum may be required to ensure that all relevant information regarding the short sale is presented to the buyer. This addendum helps provide transparency and ensures that the buyer is aware of any potential risks or issues associated with the property. 5. Financial Wake North Carolina Short Sale Addendum: This type of addendum focuses on the financial aspects of the transaction, such as the allocation of costs, expenses, and fees associated with the short sale. It clarifies who is responsible for paying various fees, such as closing costs, inspection fees, or attorney fees. In essence, the Wake North Carolina Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate is a specialized document that helps facilitate short sale transactions in Wake County, North Carolina. It is essential for both buyers and sellers to review and understand the specific terms and conditions outlined in the addendum to ensure a smooth and successful real estate transaction.The Wake North Carolina Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate is a legal document that serves as an extension or addition to the main contract when dealing with short sale transactions in Wake County, North Carolina. It outlines specific terms, conditions, and obligations that are unique to this type of real estate transaction. Keywords: Wake North Carolina, Short Sale Addendum, Contract, Price, Purchase, Sale, Real Estate Types of Wake North Carolina Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate: 1. Standard Wake North Carolina Short Sale Addendum: This is the most common type of addendum used in short sale transactions in Wake County, North Carolina. It includes standard terms and conditions related to the sale price, purchase, and sale of the property. 2. Modified Wake North Carolina Short Sale Addendum: This type of addendum may be used when there are specific modifications required to the terms and conditions outlined in the standard addendum. It addresses any negotiated changes in the purchase price or additional conditions agreed upon by the parties involved. 3. Contingency Wake North Carolina Short Sale Addendum: This addendum is used when certain contingencies need to be included in the contract due to the nature of the short sale transaction. It may include provisions related to lender approval, third-party review, or other factors that could affect the sale. 4. Disclosure Wake North Carolina Short Sale Addendum: In some cases, a specific disclosure addendum may be required to ensure that all relevant information regarding the short sale is presented to the buyer. This addendum helps provide transparency and ensures that the buyer is aware of any potential risks or issues associated with the property. 5. Financial Wake North Carolina Short Sale Addendum: This type of addendum focuses on the financial aspects of the transaction, such as the allocation of costs, expenses, and fees associated with the short sale. It clarifies who is responsible for paying various fees, such as closing costs, inspection fees, or attorney fees. In essence, the Wake North Carolina Short Sale Addendum to Contract for the Price, Purchase and Sale of Real Estate is a specialized document that helps facilitate short sale transactions in Wake County, North Carolina. It is essential for both buyers and sellers to review and understand the specific terms and conditions outlined in the addendum to ensure a smooth and successful real estate transaction.
