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Michigan Short Sale Addendum

Michigan Short Sale Addendum 2025

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The document is a Short Sale Addendum to a Buy and Sell Agreement, outlining the conditions under which the sale of a property is contingent upon the approval of the seller's mortgagee(s) to accept less than the owed amount. It details the rights of both the seller and buyer regarding termination of the agreement if consent is not obtained, emphasizes the need for legal and tax advice, and specifies that no party will incur liability for expenses if the agreement is terminated.

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How does a short sale work in Michigan?

A short sale is a situation where a homeowner is unable to continue making their mortgage payment and must sell their property when the balance of the mortgage exceeds the current value of the property. It is called a short sale because the sale proceeds will be short of the outstanding mortgage balance.

Why would a bank deny a short sale?

Banks typically prefer to recover as much of their loan balance as possible. If the purchase offer on the property is significantly below the outstanding mortgage balance and the bank believes they can recover more through foreclosure, they might deny the short sale.

What is the addendum to a short sale listing?

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.

What is a short sale in Michigan?

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 is the downside of a short sale?

Disadvantages of a Short Sale There are more parties involved than a typical sale making the process complicated and often lengthy. In a traditional home sale, price negotiations happen between the buyer and seller (or their representatives), not the sellers bank.

Does the seller get any money in a short sale?

Since a seller owes money to the lender in excess of the market value, they likely wont receive any of the proceeds from the home sale. A short sale can do real damage to a sellers credit score. The higher your credit score, the larger the hit.

Michigan Short Sale Addendum 2025

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