A contract on a property being offered as a short sale is much like any other real estate sale and purchase agreement with a few exceptions. It is best for the Buyer and Seller to work with an experienced Short Sale expert to be sure the contract protects their interest.
Our Florida Association of Realtors has prepared an addendum that covers several issues:
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That the contract is contingent upon the Seller’s Lender approval.
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The beginning of time frames like inspections, etc.
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That Lender approval is not guaranteed.
Here is a sample addendum: Florida Short Sale Addendum
(copyright 2007 by Dan Forbes, All Rights Reserved)
