The New Utah Short Sale Addendum
April 26th, 2009 Categories: Real Estate News
The New Utah Short Sale Addendum
First let’s get something clear, Shot Sale has nothing to do with time.
The Utah Association of Realtors has created the “New Short Sale Addendum” I think it is a little clearer and pretty much mirrors the practices of experienced short sale agents.
It makes it clear that the contract is specifically contingent on the approval of a third party and that the terms may be modified but that the buyer and the seller are not bound to any modification unless they both agree in writing.
It allows the seller to accept an offer and submit it to the bank while taking back up offers without submitting the back up(s) to the bank. There had been debate over whether we had an obligation the banks to submit the back up(s). The argument is we do not represent the bank(s) in the transaction. They are a lien holder and are treated just like any lien holder. The contract(s) are between the buyer and seller with the lien holder as a contingency.
It also has the ability for a buyer to walk anytime prior to the written approval of the third party by providing a written notice and the earnest money is returned to them without further authorization form the seller.
It also allows the earnest money to not be due till the third party has accepted. Along with the due diligence deadlines being blank days after third party approval also.
I also placed a copy of the document for you to look at on the right hand (blue) side bar under, you guessed it Forms.
The New Utah Short Sale Addendum
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Thanks for the blog. I got it very essential. I have improved my knowledge about short sale by reading this blog.
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Yeah, the market is a mess around the country. I’m around the Phoenix area and we have been in the pit for like the last 3-4 years like much of the country. Hopefully our government will take some REAL action in the near future!