Short sale addendum to exclusive right of sale listing agreemen

Solo disponible en BuenasTareas
  • Páginas : 3 (742 palabras )
  • Descarga(s) : 0
  • Publicado : 21 de marzo de 2011
Leer documento completo
Vista previa del texto
Short Sale Addendum to Exclusive Right of Sale Listing Agreement

A short sale generally occurs when the Seller’s net sale proceeds after payment of customaryclosing costs from the sale of real property are insufficient to pay outstanding mortgage and/or other lien(s) in full at closing. Typically, a short sale seller is in default of loan or lien obligationsand is able to document the financial inability to meet ongoing repayment obligations. The following provisions are made a part of the Exclusive Right of Sale Listing Agreement between____________________________________________________________

_____________________________________ (Seller) and ____________________________________________________________

____________ (Broker) concerningthe Property located at__________________________________________________________

________________________________________________. 1. Seller authorizes Broker and its agent (whether serving astransaction broker or single agent) to: (a) market the Property as a short sale or pre-foreclosure property in the MLS, in accordance with the MLS rules and regulations or other marketing medium; and (b)continue to market the Property for sale according to the MLS rules and regulations until Seller’s lender(s) and/or lien holder(s) (collectively the “Lender”) approves the short sale; and (c) discloseor provide any requested information or documentation to the Lender for the purpose of obtaining approval from the Lender in connection with the sale of the listed property; and (d) contact theLender’s loss mitigation or similar department to obtain loan and/or lien status, account and payoff -related information; and (e) provide comparables, broker price opinions (information regarding comparableproperties, general condition of the community and the condition of the Property in relation to the other properties in the community), MLS and other data documenting the current value of the...
tracking img