the Short sale addendum says

  • There may be disadvantages to a short sale >>> (talk to lawyer/CPA)
  • Short sale may adversely affect the sellers FICO score
  • Seller may not be relieved of debt obligation tot he lender even if short sale is approved
  • Seller may have a taxable event and receive a 1099-S for the unsatisfied debt
  • Seller is advised to seek legal counsel and CPA tax advice before deciding to sell short
  • Buyers are informed that the seller may receive back-up offers for lender consideration
  • buyers and sellers acknowledge that it make take months to for lender to approve a short sale
  • All loan costs will be paid by the buyer
  • Buyer waives seller warranties about the condition of the home at Close of escrow
  • Close of Escrow will be 30 days after agreement of short sale

Language that must be read and initialed says "

"Seller acknowledges that that Broker is not qualified to provide financial, legal or tax advice regarding a short sale transaction. Therefore, the seller is advised to obtain professional tax advice and consult independent legal counsel immediately regarding the tax implications and advisability of entering into a short sale agreement."

Jason C Mitchell PLLC

www.mitchellgroupaz.com

 

 
Posted by Jason Mitchell on 11/24/2008 10:58 AM   Comments (0)   SHORT SALES in the Real Estate Investing Channel   short sale  
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Jason Mitchell

Scottsdale, AZ

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