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An addendum is an additional document that gets added to the purchase and sale agreement. The document will include any additional information or requests that the buyer did not put into the original purchase and sale agreement.
What is a sale addendum?
They agree to the short sale so they do not have to foreclose on the property. There is much higher costs to a lender to go through the foreclosure process, acquire and maintain the property, and then resell it for a statistically 20% to 40% lower price than the typical short sale approvable offer.
What is a reasonable offer on a short sale?
If its below value, that is generally acceptable. Just not excessively below. Think of your offer as being within shot. For example, a Seller that has an FHA loan trying to get short sale approved, a common number the bank is willing to approve is a minimum net 88% of the banks appraisal price.
What are the benefits of a short sale for buyers?
This can help homeowners avoid foreclosure, reduce mortgage debt and minimize the long-term impact on their credit. Short sales can offer discounted prices, providing potential savings for homebuyers who are patient and prepared for the process.
How long do you have to wait to buy after a short sale?
Your waiting period will be: four years or. two years if there are extenuating circumstances (that is, a situation that was nonrecurring, beyond your control, and resulted in a sudden, significant, and prolonged reduction in income or a catastrophic increase in financial obligations).
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Is a short sale good or bad for buyers? Short sales can provide an opportunity for buyers to purchase a home at a bargain price. However, the approval process with the sellers mortgage lender can be complicated, and the home might need considerable repair work.
Related links
22 Tex. Admin. Code 537.52 - Standard Contract Form
45-2 approved by the Commission in 2021 for mandatory use as an addendum to be added to promulgated forms of contracts in the short sale of property. Notes. 22
Feb 19, 2021 The contract to which this Addendum is attached is binding upon execution by the parties and the earnest money and the Option Fee must be paid
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