August 2007 Form Release

I guess the addition of new C.A.R. forms is a true indication of where the California market is headed, according to the "people in the know."

The following is a quick summary of the new standard form scheduled for release the week of August 13th 2007. NEW FORM:Short Sale Listing Addendum

The new Short Sale Listing Addendum form informs the seller that their property cannot be sold unless the seller does one of two things:  brings in cash at the close, or arranges for the existing lien holders to lower the balance of the amount the seller owes.  The owner is forewarned that other options may exist in lieu of selling the property.   In the event that the property is sold, there may be legal, tax and credit consequences.  The seller must authorize the broker to advertise the property as a short sale.   Ideally, the form will be submitted and signed upon listing the property.

 
This post has been included in California Information

4 Comments on New Short Sale Listing Addendum

AUG
08
2007
300,591 Points 12 Featured Posts Localism Sponsor Outside Blog

Hi Sandi,

I heard this was coming, thanks for sharing. Sounds like the right form for the right time. We're not seeing all that many right now in my area of O.C., yet I think there are more ahead of us.

11:16pm • #1

Hi Sandi,

Sound like a good idea.  More informed sellers and less liability for the agent (because seller has been informed of the ramifications of a short sale). 

 Thanks for posting.

11:30pm • #2
AUG
09
2007
Thanks for the summary...that's definitely and indicator of where things are headed...lining things up contractually so it's all spelled out up front...
12:01am • #3
AUG
10
2007
146,755 Points 9 Featured Posts Outside Blog
Linda, Rita, and Rondel--  I guess it would be best if none of us ever had to use this new form...  but I have a funny feeling that we will become all too familiar with it!  In light of the direction the market is taking, it's probably a good thing.  That way the sellers are informed that they might have other options, and it also forewarns them that they might have to come up with cash at the close.  Sad, but true.
11:55am • #4

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Chico CA Real Estate by Sandi Bauman, Chico CA Realtor

Chico, CA

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Address: 2580 Sierra Sunrise Terrace, Suite 120, Chico, CA, 95928

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