Short sale addendum 2025

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Is a short sale good or bad for buyers? Short sales can provide an opportunity for buyers to purchase a home at a bargain price. However, the approval process with the sellers mortgage lender can be complicated, and the home might need considerable repair work.
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.
Addendums are attachments to original contracts that alter the original terms and conditions of the contract. Addendums can be used to alter standard contracts, make adjustments if situations have changed since the original contract was signed, or if the original signers come to a different arrangement.
They agree to the short sale so they do not have to foreclose on the property. There is much higher costs to a lender to go through the foreclosure process, acquire and maintain the property, and then resell it for a statistically 20% to 40% lower price than the typical short sale approvable offer.
An addendum is an additional document that gets added to the purchase and sale agreement. The document will include any additional information or requests that the buyer did not put into the original purchase and sale agreement.