If your a realtor looking to market and sale short sales on your multiple listing service, here is a sample of the short sale addendum that i have potential buyers sign off on..
This is an addendum originated by the Seller.
The following additional terms and conditions are hereby included as a part of the Contract described above:
This Contract is Subject To Bank Approval:
•1. Escrow to be opened with deposit within 24 hours. Upon offer acceptance with .________________________________
•2. Earnest Money must be at least 1% of the sales price. ____________________________________________________
•3. All earnest deposits are non-refundable after the 10 day inspection period unless breach of contract by seller.________
•4. Seller does not accept any "and/or nominee" offers.
•5. Buyer is aware that the property is in pre-foreclosure and that it is now or may be placed into bankruptcy protection which
will be dismissed/discharged prior to close of escrow. Escrow is subject to the dismissal/discharge of the bankruptcy.
•6. If escrow does not close on time due to no fault of buyer, it shall be extended by up to 14 working days.
•7. A copy of the appraisal order form must be received by sellers agent within 10 days of acceptance
If Purchase offer is cash then acceptance of the offer is subject to seller receiving a copy of buyers proof of funds equal to at least the purchase price.
•8. Buyer agrees to fully cooperate with the verification of the LSR & LSU including the disclosure of his/her credit mid-score and funds to close.
•9. In case of a lease, the Lease Agreement must be received by seller's agent within 10 business days of contract acceptance.
•10. Failure to submit any required information within the specified time periods may cancel the purchase contract and back-up offers will be presented to the seller.
•11. In the event that the appraised value is lower than the purchase price, buyer shall provide the seller's agent a copy of the appraisal within 48 hours.
•12. Property is sold in an "As-Is" - As Seen" condition. Seller shall not be expected to make any repairs or modification to the property.
•13. Clue Reports only provided upon buyer's specific request.