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Michigan Short Sale Addendum

Michigan Short Sale Addendum 2026

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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, refunding earnest money, and advises both parties to seek legal and tax advice related to short sales.

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Click ‘Get Form’ to open the Michigan Short Sale Addendum in the editor.
Begin by entering the date at the top of the form, followed by the property address and names of the seller and buyer. Ensure all information is accurate as it forms the basis of your agreement.
In Section 1, review and confirm that you understand the contingencies regarding mortgagee approval. This section outlines that the sale is contingent upon written agreement from mortgagees to accept less than owed.
Proceed to Section 2, where you can note any conditions under which either party may terminate the agreement if mortgagee consent is not obtained.
In Section 3, specify a timeframe for obtaining written consent from all mortgagees. This is crucial for protecting both parties' interests.
Complete Sections 5 and 6 by selecting options regarding timeframes and listing status once an agreement is reached.
Finally, ensure all parties sign and date at the bottom of the form. This finalizes your addendum and makes it legally binding.

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2010	4.8 Satisfied (136 Votes)

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What is the addendum to a short sale listing?

A document that confirms that the property is being sold as a short sale. It must be clear that another party is also overseeing the transaction (the lender). A declaration that the addendum is only binding once the third party has accepted the terms of the agreement.

Can a buyer back out of a short sale?

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. If its not, youll get to keep their earnest money deposit as damages.

What are the rules for short sale in Michigan?

In Michigan, homeowners must meet certain eligibility requirements to qualify for a short sale. They must demonstrate financial hardship, such as job loss, medical expenses, or divorce, that prevents them from making mortgage payments. The property must be worth less than the outstanding mortgage balance.

Can a seller make any money on a short sale?

Does the homeowner have any possibility of profiting from the short sale? No. By definition, since the mortgage balance will exceed the price of the home, there wont be any proceeds leftover for the seller to profit from. BONUS: Get my real estate valuation spreadsheet to quickly compare properties side by side.

What are the rules of a short sale?

The short sale must be approved in advance by the mortgage lender. The mortgage holder may be required to pay the shortfall, or the debt may be forgiven. The financial consequences of a short sale may be less severe than a foreclosure for both the seller and the lender.

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