NEFAR LISTING AGREEMENT SHORT SALE ADDENDUM CHANGES

NEFAR LISTING AGREEMENT SHORT SALE ADDENDUM CHANGES

If the agent you are working with is a Member of the Northeast Florida Association of Realtors, there are some recent changes to the Short Sale Addendum which clarify the Seller's position regarding the possible outcomes of a short sale. Experienced short sale agents have long been informing Sellers of these facts. This additional language in our Short Sale Addendum makes it clear for all Sellers, regardless of the level of their agent's experience with short sales or communication concerning the various scenarios.

This information is also helpful for Buyers, as it outlines the Sellers' possible position during the transaction.

Below are three significant additions to the Addendum. Please note the NOTICE in bold, to clarify in writing terms which may be required or may result after the closing of a short sale.

SELLER acknowledges that there are no promises or representations regarding whether encumbrance holders will agree to a short sale or on what terms they may agree to a short sale.

NOTICE: IN A SHORT SALE TRANSACTION, SELLER MAY HAVE A CONTINUING FINANCIAL OBLIGATION TO SELLER’S ENCUMBRANCE HOLDERS AFTER CLOSING INCLUDING, BUT NOT LIMITED TO, EXECUTION OF A PROMISSORY NOTE IN FAVOR OF THE ENCUMBRANCE HOLDER(S) OR LIABILITY FOR A DEFICIENCY JUDGMENT. SELLER IS ADVISED TO SEEK COMPETENT LEGAL AND FINANCIAL ADVICE CONCERNING SELLER’S LEGAL, TAX AND FINANCIAL OBLIGATIONS. THE FACT THAT THIS SHORT SALE MAY BE CONSIDERED OR APPROVED BY ENCUMBRANCE HOLDERS DOES NOT AUTOMATICALLY MEAN THAT ANY FORECLOSURE PROCESS HAS BEEN SUSPENDED OR DELAYED.

SELLER may cancel this Listing Agreement prior to the ending date of the listing, without advance notice to the BROKER, and without payment of a commission or any other consideration, if the Property is conveyed to the mortgage insurer or the mortgage holder.