Short Sale Addendum Carmel Westfield

The short sale process may also include signing a short sale addendum. Depending on the state, the short sale addendum may be directed Short Sale Addendumtoward the buyer, toward the seller, or both. In Indiana, the short sale addendum is an agreement signed and submitted by the buyer along with the purchase agreement.

The short sale addendum in Indiana outlines the definition of a short sale and assures both parties understand the short sale process. It defines how long the seller has to obtain lender approval for purchase agreement, with the default being 30 days, and explains that the seller has no control over whether the lender accepts an offer or not.

Other points made in a short sale addendum include buyer and seller costs and acceptance of other offers during a short sale period.

If you have any questions contact me and I will help you walk  through the process.