Wyoming Short Sale Addendum to Purchase Agreement 2025

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  1. Click ‘Get Form’ to open the Wyoming Short Sale Addendum in our editor.
  2. Begin by filling in the date of the Purchase Agreement and the names of both the Seller and Buyer in Section I. Ensure accuracy as this establishes the parties involved.
  3. In Section II, indicate the number of days allowed for the Seller to obtain written consent from their creditor(s). This is crucial for proceeding with the short sale.
  4. Review Section III carefully. Here, you can outline conditions under which the Buyer may terminate the Agreement. Make sure to check all applicable scenarios.
  5. In Section IV, confirm that all deadlines are aligned with when the Buyer receives creditor consent. Adjust any necessary dates accordingly.
  6. Section V allows for continued marketing of the property by the Seller. Note any additional offers that may arise during this process.
  7. Finally, complete Section VI by specifying either the Closing Date mentioned in the Agreement or a new date based on creditor consent notification.

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A short sale addendum is added to a purchase agreement when a propertys selling price wont pay off the sellers outstanding mortgage balance. The form creates a special condition that requires the sellers mortgage lender to approve the transaction before the sale can be completed.
How to create an effective Amendment to Purchase Agreement Step 1: Identify the Parts of the Original Agreement That Need Changes. Step 2: Consult with the Other Party and Draft a List of Changes. Step 3: Begin Drafting the Amendment Document. Step 4: Double-Check Clarity and Accuracy. Step 5: Sign the Amendment.
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.
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. Adding contingencies like home inspections or repairs.
An experienced short sale specialist should be able to negotiate with your lender to get them to accept and approve all reasonable closing costs. In the unlikely event that the bank does not approve some of the closing costs, the buyer or perhaps the seller may have to contribute some money to pay these costs.

People also ask

The listing agreement should state that the sellers acceptance of any offer will be subject to the lenders approval of the offer without requiring that the seller bring cash to close escrow, and an agreement by the listing broker to accept the commission as approved by the lender.
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.

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