New contract updates for short sales from the NAR.

By
Real Estate Broker/Owner with Crossroads Real Estate LLC

 With the new laws in effect as of April 5, 2010, the NAR has sent out an update and suggests all agents add the following language to Listing contracts and the Offer to Purchase for all short sales.

The following language must be written into any listing contract used for a HAFA short sale: "Seller may cancel this Agreement prior to the ending date of the listing period 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," and "Sale of the property is contingent on written agreement to all sale terms by the mortgage holder and the mortgage insurer (if applicable)." Listing agents must write this into their listing contracts for HAFA short sales.

The following language must be written into any offer used for a HAFA short sale: "Seller and Buyer each represent that the sale is an 'arm's length' transaction and the Seller and Buyer are unrelated to each other by family, marriage or commercial enterprise," and "The Buyer agrees not to sell the property within 90 days of closing of this sale." Cooperating agents must write this into any HAFA short sale offers.

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Rainmaker
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Melissa Juarez
Massachusetts Buyers Broker Agency, LLC - Quincy, MA

Thanks Dennis for the information. Have a great Spring!

Apr 06, 2010 01:23 AM #1
Rainmaker
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Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Dennis,

Thank you for the update.  I have had to have similar language in the some documents in order to close a short sale.

Apr 06, 2010 01:30 AM #2
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