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.