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Short Sale Addendum To The Oklahoma Uniform Contract of ...

Short Sale Addendum To The Oklahoma Uniform Contract of ... 2025

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The document is a Short Sale Addendum to the Oklahoma Uniform Contract of Sale of Real Estate, outlining terms and conditions for a real estate transaction where the sale price is less than the debt owed on the property. It details contingencies related to short sales, foreclosure risks, seller cooperation with creditors, timelines for agreement notices, closing procedures, cancellation rights, and advises both parties to seek legal and tax advice due to potential liabilities.

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

Whats the purpose of the short sale addendum?

If youre experiencing financial difficulties, a short sale might be an appealing option. But when going through this process, you must have all the correct documentation. In other words, you need a short sale addendum. A short sale addendum ensures that all short sale details are included within the sales agreement.

What is not required for a valid real estate sales contract?

Final answer: Acknowledgment is NOT a required element of a valid real estate contract. Offer and acceptance, legality of the object, and consideration are necessary, but the formal declaration before an official confirming a signatures authenticity, while often part of notarization, is not mandatory for validity.

What is a short sale under contract?

A short sale is when a mortgage lender agrees to accept a mortgage payoff amount less than what is owed in order to facilitate a sale of the property by a financially distressed owner. The lender forgives the remaining balance of the loan.

What are the disadvantages of a short sale?

What Are the Downsides of Using a Short Sale to Avoid a Foreclosure for Sellers? You Might Face a Deficiency Judgment After a Short Sale. Short Sale Tax Implications Following a Short Sale. A Short Sale Will Damage Your Credit Scores. Finding a New Home. Foreclosure Might Be a Better Option.

Can a seller make any money on a short sale?

Key takeaways You wont profit from a short sale, and it will hurt your credit, but it can help you get out of an underwater situation.

What is the general addendum to the contract of sale?

Addendums can override parts of the original contract and expand on others. Instead of scratching out and handwriting over certain parts of the contract, addendums are drafted and signed to prove both buyer and seller agree. This includes: Modifying the purchase price, closing date, and financing terms.

What happens during a short sale?

If ever making an offer on a short sale, always go in with your strongest offer and not with the intention to negotiate. The process is way too long and with the current strength of the market, banks arent going to take too much less than the current value of the home.

Short Sale Addendum To The Oklahoma Uniform Contract of ... 2025

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