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Click ‘Get Form’ to open the short sale contract template in the editor.
Begin by filling in the Seller and Purchaser details. Enter the names of both parties in the designated fields.
Next, provide the Property information. Fill in the address, city, zip code, subdivision, tax map number, and legal lot number as required.
Review the Contingency section carefully. Ensure that you understand that this contract is contingent upon Lender's approval and fill in any necessary details related to lender communications.
Complete the Notice of Approval section by indicating how and when Seller will notify Purchaser about Lender's decision.
Sign and date where indicated for both Seller and Purchaser at the end of the document to finalize your agreement.

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What is a short sale contract?

A short sale is an alternative to foreclosure, but because it is a sale, you will have to leave your home. If your lender or servicer agrees to a short sale, you may be able to sell your home to pay off your mortgage, even if the sale price or proceeds turn out to be less than the balance remaining on your mortgage.

How do you write a simple sale agreement?

How do I write a Sales Agreement? Specify your location. Provide the buyers and sellers information. Describe the goods and services. State the price and deposit details (if applicable) Outline payment details. Provide delivery terms. Include liability details. State if theres a warranty on the goods.

Is there a 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 an example of a short sale?

For example, lets say a stock is trading at $50 a share. You borrow 100 shares and sell them for $5,000. The price subsequently declines to $25 a share, at which point you purchase 100 shares to replace those you borrowed, netting $2,500.