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Short sale contract template 2025

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The document is a Short Sale Addendum to a real estate purchase agreement in South Carolina, outlining the conditions under which a property can be sold for less than the seller's outstanding debt. It specifies that the sale is contingent upon lender approval of the sale price and terms, and details the responsibilities of both seller and purchaser regarding notifications and potential contract termination if lender approval is not obtained. The addendum emphasizes that lender approval is not guaranteed and advises sellers to seek professional advice regarding the implications of a short sale.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

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 a reasonable offer on a short sale?

If its below value, that is generally acceptable. Just not excessively below. Think of your offer as being within shot. For example, a Seller that has an FHA loan trying to get short sale approved, a common number the bank is willing to approve is a minimum net 88% of the banks appraisal price.

What is a short sale contract?

A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt.

Is there a short sale addendum?

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 do you structure a short sale?

Short sale offer: Once a seller accepts an offer from a potential buyer, the listing agent sends the lender the listing agreement, an executed purchase offer, the buyers pre-approval letter, a copy of the earnest money check, and the sellers short-sale package.

How to write a short sale offer?

How to Make a Short Sale Offer Offer a Strong Earnest Money Deposit. Check the Comparable Sales. Dont Ask for Special Reports or Repairs. Give the Bank Some Time. Assure the Seller Youll Wait. Offer to Pay the Sellers Fees. Shorten Your Inspection Period. Provide a Strong Preapproval Letter.

Can you lowball a short sale?

However, now the bank needs to accept the purchase price. If youre thinking of making a lowball offer, remember that a lender will unlikely accept an offer thats much below the market value or listed purchase price. It can take several weeks to months to get lender approval on an offer.

How to make a short sale offer?

Real Estate Short Sale Process Step 1: Professional Consultations. Step 2: Set the Right Asking Price. Step 3: Lender Agreement. Step 4: Submit the Required Documents. Step 5: Hardship Letter. Step 6: Find a Buyer. Step 7: Proposal for the Bank.

Short sale contract template 2025

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