What is the Short Sale Addendum?

The Short Sale Addendum, a one-page document that you'll sign, addresses complications that potentially cam arise from a short sale. The Addendum is designed to protect you, the buyer, from locking your contingency periods and good-faith deposit onto the bank’s timeline. My favorite parts of the Short Sale Addendum are items B1. and B2. B1. States the time period “for inspections, contingencies, covenants and other obligations (i) shall begin as specified in the (Purchase) Agreement; … [Read more...]