Financial Worksheet - Wells Fargo Home Mortgage (Page 3 of 4) in pdf

Short Sale Contract Addendum

Dated: ___________________

Seller:

Buyer:

Property Address:

___________________________________________________________________________________________

City, State, Zip Code:

_________________________________________________________________________________________

This Addendum to Contract is entered into and is effective as of ___/___/____ by and between, Seller(s), Buyer(s) and

Broker (hereinafter referred to as “the Parties”) and shall be deemed to amend, modify, and supplement that certain

Contract Dated ___/___/___by and between Seller(s) and Buyer(s) (the “Contract”).

NOW, THEREFORE, in consideration of the mutual benefits to be derived from this Short Sale Addendum and of the

representations, warranties, conditions and promises hereinafter acknowledged, Sellers, Buyers and Broker hereby agree

as follows:

•

The Parties acknowledge and agree that the Subject Property is being sold in “as is” condition.

•

The Parties acknowledge and agree that the Subject Property must be sold through an Arms Length Transaction—

Mortgagors and mortgagees must adhere to ethical standards of conduct in their dealing with all parties involved in a Short

Sale transaction. The Short Sale must be between two unrelated parties and be characterized by a selling price and other

conditions that would prevail in a typical real estate sales transaction. No party to this contract is a family member, business

associate, or shares a business interest with the mortgagor (Sellers).

•

Neither the Buyers, or Sellers, nor their Agents have any agreements written or implied that will allow the Seller to

remain in the property as renters or regain ownership of said property at anytime after the execution of this Short Sale

transaction. None of the parties shall receive any proceeds from this transaction except the approved sales commissions.

•

The Parties agree that this Short Sale transaction will not constitute appraisal fraud, flipping, identity theft and/or straw

buying.

•

The Parties agree that the Seller may cancel this agreement prior to the ending date of the contract period without

advance notice to the Broker, and without payment of a commission of any other consideration, if the property is conveyed

to the mortgage insurer or the mortgage holder.

•

The Parties agree that the acceptance of the Short Sale is contingent upon the approval of FHA, VA government

agencies, any Investor, and/or mortgage insurer or the mortgage holder.

•

The Parties agree that under no circumstances will the sales contract be assignable.

•

The Parties agree that this Addendum together with the Sales Contract shall constitute the entire and sole agreement

between the Parties with respect to the sale of the subject property and superseded any prior agreements, negotiations,

understandings, optional contracts, or other matters whether oral or written, with respect to the subject matter hereof. No

alternations, modifications, or waiver of any provision hereof shall be valid unless in writing and signed by Parties, FHA, VA,

government agencies, any Investor, and/or mortgage insurer or mortgage holder, hereto.

IN WHITNESS WHEREOF, the Parties have executed this Addendum as of the date first written above.

Seller: ___________________________________________________________________________ Date: ___________________

Buyer: ___________________________________________________________________________ Date: ___________________

Broker/Realtor: ____________________________________________________________________ Date: ___________________

Financial Worksheet - Wells Fargo Home Mortgage Page 3

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