When selling a short sale, it is imperative that your real estate broker / agent fully discloses to the buyer that the property is a short sale.
Most states will have a short sale addendum to be signed off on by both buyer and seller.
This language will cover the following:
1. Approval of the Lender: This ensures that any and all of the seller’s lien holders against the property approve the purchase price, terms of the contract, HUD-1 settlement statement, agreement of the payoff for settlement less of what is owed, etc.
2. Time Periods: All time periods are set forth when seller delivers to buyer the approval of the short sale.
3. Acknowledgement: Buyer agrees the Lender is not a party to the contract and therefore is not obligated to approve the contract. This also discloses that Seller and Broker cannot be held liable for any delays by the lender for approval.
Be sure to consult with a local real estate professional who has experience in dealing with short sales. There are many specifics that they should be aware of in order to assist in a successful transaction between buyer and seller.
My primary concentration is successfully performing short sales on a residential and commercial basis. If you or someone you know needs help or advise, call me for a no obligation meeting.
As always, we are short sale servicing all of Lee, Collier and Charlotte Counties… That is Punta Gorda, North Fort Myers, Pine Island, Cape Coral, Fort Myers, Sanibel Island, Captiva Island, Lehigh Acres, Fort Myers Beach, Estero, Bonita Springs, Naples, Marco… http://www.MaximRealtors.com/
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