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Alaska Short Sale Addendum to Purchase Agreement

Alaska Short Sale Addendum to Purchase Agreement 2025

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The Alaska Short Sale Addendum outlines the terms and conditions related to a property sale where the purchase price is less than the seller's total debt. It specifies that the sale is contingent upon obtaining written consent from the seller's creditors within a designated timeframe. The buyer has the right to terminate the agreement if consent is not obtained or at any time before consent is provided. The addendum also allows the seller to continue marketing the property and receiving other offers, while establishing timelines for closing based on creditor approval.

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What is the purpose of the short sale addendum?

If your state or local Association of REALTORS, or your broker, provides a short sale addendum, use it in any counteroffer you make. It is designed to protect the seller against liability to the buyer in the event the lender disapproves the short sale.

What is a short sale addendum?

Use the Inspection Addendum when entering into a Purchase and Sale Agreement that requires property inspections. This form is essential when the Buyer wants to ensure satisfactory conditions before finalizing the sale. It is also necessary when negotiating repairs based on the findings of an inspection. 1.

What is a short sale in simple terms?

Short selling is a strategy where traders profit from a decline in the price of an asset, often a stock. In a short sale, investors borrow shares of a stock they believe will fall in value, sell those shares on the open market, and later buy them back at a lower price to return to the lender.

What is a sps addendum?

Updated March 06, 2025. A short sale addendum is intended for a seller of real estate that owes more money on the property than its worth.

What is a sale addendum?

An addendum is an additional document that is attached to your purchase contract. It plays an important role in clarifying and/or modifying an agreements initial terms and conditions.