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A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt.
Short Sale Addendum to Agreement of Sale (Form SHS) conveys any changes in terms or conditions that will apply to the Agreement of Sale in light of the transaction being a short sale.
An acknowledgement that the seller can pursue other offers on the property in order to get a higher price.
A short sale in real estate is an offer of a property at an asking price that is less than the amount due on the current owners mortgage. A short sale is usually a sign of a financially distressed homeowner who needs to sell the property before the lender seizes it in foreclosure.
In a short sale, the buyer is purchasing a home from the original owner, who will then repay their mortgage lender. The lender accepts that it wont recover the full amount of its debt.

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The Michigan land contract process is as follows: Most land contracts will require the buyer to make a down payment of 10% or more of the purchase price. Then, the seller will have to make installment payments for a set period of time. The terms can vary, but most agreements are between two and four years.

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