Short Sale, Foreclosure and Strategic Default

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Friday, August 17, 2007

Short sale addendum California Association of Realtors

The following is the addendendum mentioned in my article the law as applicable to Short Sale in San Diego.

C.A.R. RELEASES NEW SHORT SALE LISTING ADDENDUM
The CALIFORNIA ASSOCIATION OF REALTORS(r) (C.A.R.) released yesterday
a new standard-form Short Sale Listing Addendum (SSL). Listing agents
may attach this addendum to their listing agreements to advise sellers
of various aspects of short sale transactions. Key provisions of the
Short Sale Listing Addendum include the following:

- Advises that the seller may be required to bring in funds to close
escrow or to obtain lenders' agreement to accept less than what's
owed.
- Advises that alternatives to a short sale may be more appropriate,
such as refinancing, bankruptcy, or foreclosure, depending on the
seller's own circumstances.
- Authorizes the listing agent to advertise a property as a short sale.
- Authorizes the listing agent to contact lenders concerning their
approval of a short sale.
- Advises the seller that a short sale has possible tax, credit, and
other legal consequences. "

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