Short Sale Addendum 2025

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The document provides special instructions regarding Section 2 of the Short Sale Addendum form, emphasizing that all performance and contingency deadlines are suspended until creditor consent is obtained, except for the closing date. It highlights the importance of lead-based paint disclosures and inspections for properties built before 1978, advising buyer agents to discuss inspection options with clients early in the transaction. The document also notes potential implications for closing timelines and encourages thorough review of all sections of the Short Sale Agreement.

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What are some common addendum examples?

For example, if you have written a will but dont want to redo the will but only change certain parts, you can make an addendum to the will. The addendum could change your list of heirs, the amounts to be distributed, or any other provisions you would like to change.

How much less can you offer on a short sale?

Typically, it can translate into a 3-10% discount for the short sale buyer. If you are working with an agent that list short sales, they will be able to guide you through the process. The first piece is to determine fair market value of the property, than try to back in to a discounted offer.

What is a short sale addendum?

If youre experiencing financial difficulties, a short sale might be an appealing option. But when going through this process, you must have all the correct documentation. In other words, you need a short sale addendum. A short sale addendum ensures that all short sale details are included within the sales agreement.

Is a short sale good or bad for buyers?

While short sales require a lengthy lender approval process, they may be worth the wait for homebuyers and investors looking for a good deal on a property. With the seller and lender both motivated to mitigate their losses by selling the property, buyers may be able to negotiate a below-market purchase price.

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