CONDITIONAL SHORT SALE AGREEMENT
CHECKLIST
If you are considering a Short Sale, also known as a pre-foreclosure sale, to sell your property for less than the
balance remaining on your mortgage in order to avoid foreclosure, we recommend that you consider the
following items:
Important Dates
□ Maximum of 15 days to list your property with a Broker
from the date you sign this Agreement.
□ Maximum of 90 days from date you sign this Agreement
to find a buyer for your property.
□ Closing must be within 105 days from date you sign this
Agreement.
□ Total of 105 days from date you sign to complete all
conditions of this Agreement.
Listing Agreement
□ You agree to list and sell your property in “as is”
condition at a list price approved by your Servicer.
□You agree that the listing agreement must include a
Cancellation clause and a Contingency clause.
Arms Length Transaction
□ You agree not to sell to anyone that is related to you or
has a close personal or business relationship with you.
□ You agree not to receive any commissions on the sale of
the property.
□Your buyer must agree to not sell the Property within
ninety (90) calendar days of the date of your closing.
□You agree not to have an agreement with the buyer to
buy the Property back after closing.
Sales Contracts
□ You agree to give Servicer a copy of signed contract
within 2 days of receipt of an offer on your Property.
Maintenance
□ You agree that you are responsible for maintenance on
your Property from date of Agreement through closing.
Mortgage Insurance guarantor
□ You agree that the MI company and guarantor of your
loan, if any, must approve the short sale.
Credit Reporting
□ You agree to the Servicer reporting the short sale to credit
bureaus and that it may impact your credit score.
Closing
□ You agree that closing costs paid by you or on your
behalf as seller will be reasonable and customary for
the market where your Property is located, including
title fees, attorneys fees, recording/transfer fees, taxes,
and broker commissions up to 6 % of sales price.
□ You agree that any liens against your Property, other
than the lien securing this mortgage loan, must be
removed. Servicer will pay up to 6% of subordinate
lien balance on the Property up to $6,000 total per lien.
Incentive
□ You will receive an incentive of $3,000 for
relocation assistance and expenses if you comply with
all conditions of this Agreement within 105 days of
signing.
Sharing Confidential Information
□ You agree by signing this Agreement to
share your personal and financial data with parties
involved in this transaction.
Tax Consequences
□ You agree that a short sale may have tax
consequences to you and you should seek tax advice
from an accountant.
Termination
□ You agree that the Servicer may terminate this
Agreement if the important dates are not met, if your
financial situation changes, bad faith, change in
condition of Property, if you file bankruptcy and this
Agreement is not approved, or litigation affects
clearance of title on the Property.