Who Should Fill Out the Short Sale Addendum?

If you know you are writing an offer on a short sale I highly encourage you to include the NVAR Short Sale addendum, rather than waiting for the Seller to counter with it. You want to control the deadline in paragraph 5 on page one of the addendum, as well as the timeframes on page two. You, the buyer, want to tell the Seller how much time you will give them to get the short sale approved, rather than having them tell you how much time they would like.

Also, you want to insist that the Seller fully ratify your offer, contingent on short sale approval, rather than holding on to your offer, submitting it for approval without ratifying it, and keeping the house active in the computer waiting for someone else to possibly make a better offer. The addendum allows you to do that, but put off your home inspection, appraisal, and other buyer contingencies until after you know the short sale lender has approved the sale.

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