Short Sale Addendum printable pdf download

FREDDIE MAC SHORT SALE ADDENDUM

Seller: _______________________

Buyer: _______________________

Seller: ________________________

Buyer: ________________________

Seller’s agent/listing

Buyer’s Agent:___________________

agent:___________________

Transaction Facilitator (if applicable):________________

Escrow Closing Agent ______________

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

and Agent (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 Agent

hereby agree as follows:

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

2. The Parties acknowledge and agree that the Subject Property must be sold through an Arm’s Length

Transaction. An “Arm’s Length Transaction” is a transaction between parties who are independent of one

another, and unrelated by family, marriage or commercial enterprise, other than the purchase and sale of

the mortgaged premises between the Buyer(s) and the Seller(s) that is the specific subject of the

proposed Short Sale.

3. The Parties acknowledge and agree that there are no agreements, understandings or contracts between

the parties that the Seller will remain in the mortgaged premises as a tenant or later obtain title or

ownership of the mortgaged premises, except to the extent that the Seller is permitted to remain as a

tenant on the mortgaged premises for a short term, as is common and customary in the market but no

longer than ninety (90) days, in order to facilitate relocation.

4. The Parties acknowledge and agree that neither the Seller nor Buyer will receive funds or commissions

from the sale of the mortgaged premises.

5. The Parties acknowledge and agree that there a no agreements, understanding or contracts relating to

the current sale or subsequent sale of the mortgaged premises that have not been disclosed.

6. Each Signatory understands, agrees and intends that the Servicer and Investor are relying upon the

statements made in the affidavits as consideration for the reduction of the payoff amount of the mortgage

and agreement to the sale of the mortgaged premises;

7. The Parties acknowledge and agree that this addendum will survive the closing of the transaction;

8. The Parties acknowledge and agree that a misrepresentation may subject the responsible party to civil

and/or criminal liability.

9. The Parties acknowledge and agree that this Short Sale transaction will not constitute appraisal fraud,

flipping, identity theft and/or straw buying.

10. The Parties acknowledge and agree that the Seller may cancel this agreement prior to the ending date of

the contract period without advanced 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.

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

12. 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 supersede 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 holder, hereto.

13. Each signatory agrees to indemnify the Servicer and Freddie Mac for any and all loss resulting from any

negligent or intentional misrepresentation made in the affidavit including, but not limited to, repayment of

the amount of the reduced payoff of the Mortgage;

Short Sale Addendum

Related Articles

Related forms

Related Categories