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What's the purpose of the short sale addendum?

A standard short sale addendum generally addresses a number of items that are specific and unique to the agreement of sale. These may include: An acknowledgement that the transaction is a short sale, and that as such there are additional third parties that have an interest in the property being sold.

How do I fill out a short sale addendum?

0:00 0:38 Short Sale Addendum - YouTube YouTube Start of suggested clip End of suggested clip Usually sets out the number of days that the seller will have to convince the lender to provideMoreUsually sets out the number of days that the seller will have to convince the lender to provide written consent.

How do short sales work in Florida?

In a short sale, the homeowner and mortgage company agree to sell the home for less than the amount owed on the mortgage. Short sales may be a good option for homeowners who have no equity in the property and want to abandon the home without going through the foreclosure process.

Can a seller back out of a short sale?

Here are ways a seller can cancel a short sale contract: A seller may decide to cancel the listing, and the listing agent will agree. A foreclosure may take place, preventing the short sale. The seller may be able to accept a higher offer and cancel the first offer.

What is short sale addendum?

A standard short sale addendum generally addresses a number of items that are specific and unique to the agreement of sale. These may include: An acknowledgement that the transaction is a short sale, and that as such there are additional third parties that have an interest in the property being sold.

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