Short Sale Addendum

A Short Sale Addendum is a legal document used in real estate transactions where a homeowner sells their property for less than the amount owed on their mortgage. This addendum outlines specific terms that must be agreed upon by the buyer, seller, and lender. It ensures the lender accepts the lower sale price and releases the lien on the property. The addendum also clarifies conditions regarding approval processes, potential fees, and any seller contributions. Overall, it protects all parties and facilitates the sale despite the financial shortfall.