ADDENDUM TO SHORT SALE - SELLER
RE/MAX ALL PROS, 5701 Rout 42, Turnersville, NJ 08012, 856-228-7990
LISTING AGENT: _______________________________ DATE: ________________
1.) Due to the nature of this sale, the listing can be canceled at anytime for any reason. Except for when property is under active sale contract. If canceled, the seller, nor the lender(s) or lien holders will not owe agency fees, and will not be liable for any commissions or fees associated with this listing agreement.
2.) Short sale and foreclosure listings require a review of title on your property to ensure no additional liens, judgments, and confirm mortgage amounts. Title is ordered through Garden State Abstract. Title will be confirmed, reviewed, and current debt/liens confirmed. Because Garden State Abstract will spend the time and money to review your title, it makes the closing transaction easier by utilizing this same title company. As the seller(s), we agree that the closing for this property should be facilitated by this title company. Any and all offers from other agencies should be required, but not mandated, to close utilizing this title company.
3.) If for any reason the short sale is not successful, as the seller(s), we/I understand that there is a risk of losing the property through foreclosure. If possible, please continue to make mortgage payments. There are no guarantees that your lender(s) or lien holders will release the lien for a lower amount. It’s always a good idea to consult an attorney for additional assistance if in foreclosure.
4.) Seller understands and agrees that if sold as a short sale, they will receive no proceeds from the sale of this property. Because the home is being sold as a short sale, and the lien holders may be receiving less than full amount as payment in full, the seller will receive nothing from the sale. NO EXCEPTIONS!
5.) The sale terms and conditions of the short sale will be sent from your lien holders. Once received, the seller will have the choice to cancel the contract of sale or this listing agreement if the terms and conditions are not to their satisfaction (as spelled out in the agreement of sale). Some lenders require sellers to sign a personal note or deficiency for some or all of the remaining balance of the loan. Seller(s), if deficiency is required, holds harmless our office, the broker, the agent(s) and all its employees or affiliates. As the seller(s), we/I make the choice on our own free will on whether or not to accept this deficiency. In some cases, an attorney can assist in removing this deficiency and should be consulted before agreeing to sign such note or agreement prior to proceeding to close on their property.
6.) Credit reporting is in the sole discretion of the mortgage holder. Agents can’t control what damage a short sale may have on your credit. No guarantees are made on how your credit will be affected from this sale.
7.) A successful property sale will require all credit judgments, personal tax liens, child support, and any other lien required to clear title on the property. In some cases, the lender will pay these liens in order to provide clear title to the new buyer. HOA Fees and Property taxes are almost all the time paid by the lender. If the lender will not pay any lien, and you cannot afford to pay the liens, the listing agent(s) may have to lower their commission in order to settle the debt for you. If so, the seller agrees to pay the agent back through reasonable monthly payments in order to settle the difference. Payment schedules are listed below***
8.) In order to sell your property, certain personal and financial items will be required by your lender and or lien holders. Lists of these required financial items are provided for you by the listing agent. In addition to this personal information, the following below items will or may be needed in order to successfully provide accurate data to your lender or property lien holders. These items do require payment from you directly to the vendor. You are responsible for paying these vendors. Neither RE/MAX nor your listing agent is compensated in any way for payment to these vendors.
a. Title and Judgment Search Completed and Reviewed;
Cost: $150, make check payable to: Garden State Abstract & Title
*You may choose your own vender for this service, but must be done.
b. Complete Appraisal done on your property to show value to your lender;
Cost: $300, make check payable to: Gaffney Appraisal Company
*You may choose your use your own appraisal company, but must be done.
c. Complete Home Inspection on your property
Cost: $250, make check payable to: Safe & Sound Home Inspections
*You may choose your own vender for this service. **Optional if there are issues with home
9.) The services above must be paid for, by you, when the services are completed. If possible, please provide you’re listing agent the checks payable to the vendors for these services at the time of listing. Title will be ordered as soon as possible for us to verify any judgments and/or liens on the property. You are not reimbursed for any of these services if the sale is not completed. You own the information provided by these service companies and you will be provided a copy upon request.
10.) Payment repayment schedule based on costs and payments made by lowering agent’s commission in order to settle personal liens’, judgments, repairs, and other possible costs.
|
Amount |
Payment |
Terms |
|
$100 - $1,000 |
$50.00 Per Month |
Payable to Broker - 0% Interest Until Paid |
|
$1,001 - $3,000 |
$100.00 Per Month |
Payable to Broker - 0% Interest Until Paid |
|
$3,001 - $10,000 |
$150.00 Per Month |
Payable to Broker - 0% Interest Until Paid |
**Invoices will be mailed to your new address each month after you make settlement. A separate note will be created at settlement for the amount. Agent reserves the right to not satisfy ANY of the judgments or liens for any reason at anytime. Satisfying any personal debt for the seller(s) to complete the sale is NOT required by the agent.
THIS IS A LEGALLY BINDING CONTRACT THAT WILL BECOME FINAL IN THREE BUSINESS DAYS. DURING THIS PERIOD YOU MAY CHOOSE TO CONSULT AN ATTORNEY WHO CAN REVIEW AND CANCEL THIS CONTRACT.
Seller: _________________________________________ Date: _______________________
Seller: _________________________________________ Date: _______________________
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This is my short sale listing addendum. I have provided it online for agents to use or home sellers to review. Selling a home as a short sale is complicated. Please hire an agent that is experienced with this type of sale.
-- Frank Wible
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