Why Do I Need the Short Sale Addendum??

Lakewood, CA

Our office is working with a lot of 1st time home-buyers, and it doesn’t matter how much we explain the process, and what to expect I keep getting the same question when we put the offer in on that Lakewood Short Sale.

Why do I need the short sale addendum?

I believe this should help clarify why this is needed.

The Short Sale Addendum adds in additional protections to the buyer in that it outlines the seller’s responsibilities during the short sale process.

The Short Sale Addendum also allows the buyer to specify that the contingency periods do not begin until after the buyer has received a written acceptance of the offer from the bank. The acceptance of the offer by the sellers is only the first step in the process – the bank (lender) must approve the sale as well.

However, it also makes it clear that the seller may continue to accept offers and present them to the lender even after your offer is accepted by the seller, unless you have something in writing with the seller indicating otherwise.

California Real Estate agents are not hereby authorized to review a homeowner’s financials, negotiate agreements with the bank in which the bank agrees to refrain from seeking deficiencies or report loan forgiveness to the IRS.   Please seek legal advice on those options.