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SHORT SALE ADDENDUM TO MULTI-BOARD RESIDENTIAL ... - irela

SHORT SALE ADDENDUM TO MULTI-BOARD RESIDENTIAL ... - irela 2025

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The document is a Short Sale Addendum to the Multi-Board Residential Real Estate Contract 6.0, outlining terms for a real estate transaction involving a short sale. It specifies that the contract is contingent upon successful negotiations with lienholders for payoffs less than the total owed, includes provisions for extending the closing date, and states that the property is sold 'As Is' without seller repairs or credits. It also details conditions under which either party may terminate the contract if certain contingencies are not met.

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Click ‘Get Form’ to open the SHORT SALE ADDENDUM in the editor.
Begin by entering the Seller's name(s) in the designated field at the top of the form. This is crucial for identifying the parties involved.
Next, input the Buyer’s name(s) in the corresponding section. Ensure accuracy to avoid any legal complications.
Fill in the property address, including city, state, and zip code. This information is essential for defining the location of the transaction.
Review each section carefully, especially those regarding short sale payoffs and closing date extensions. Make sure all necessary details are included as per your agreement.
Finally, sign and date where indicated at the bottom of the form. Ensure both Buyer and Seller complete this step to validate the addendum.

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What should the listing agreement for a short sale do?

The listing agreement should state that the sellers acceptance of any offer will be subject to the lenders approval of the offer without requiring that the seller bring cash to close escrow, and an agreement by the listing broker to accept the commission as approved by the lender.

Is there a short sale addendum?

A short sale addendum is added to a purchase agreement when a propertys selling price wont pay off the sellers outstanding mortgage balance. The form creates a special condition that requires the sellers mortgage lender to approve the transaction before the sale can be completed.

Can you back out of a short sale offer?

After Short Sale Approval Buyers may back out based on due diligence, appraisal, or financing at this point, just like any other contract. If its within the guidelines of the contract, theyre free to do so.

What is the addendum to a short sale?

A short sale purchase addendum is a document that goes alongside a sales contract. Its an additional document to consider when writing your own real estate contract. The document is added once a sale has been approved and used at the transaction stage.

Can you ask for closing costs on a short sale?

An experienced short sale specialist should be able to negotiate with your lender to get them to accept and approve all reasonable closing costs. In the unlikely event that the bank does not approve some of the closing costs, the buyer or perhaps the seller may have to contribute some money to pay these costs.