These following stipulations need to be added to your Purchase and Sales Agreement (PSA) when attempting to purchase under a short sale. You can use either of the PSA’s included in this package, or use a standard Board of Realtors contract – just be sure to add these stipulations.
Seller understands that this Agreement is contingent on Buyer being able to secure an acceptable “short sale” from Seller’s Lender(s).
Seller understands that if Seller’s Lender(s) will not negotiate a “short sale” acceptable to Buyer, then the Property may proceed into foreclosure.
Seller understands that he/she will not receive any proceeds from the sale of the property.
Seller and Buyer agree that this is an “AS IS” purchase and that no inspection or termite letter will be required.