RIDER 20A SHORT SALE FORM – EXCLUSIVE LISTING AGREEMENT
Rev. 01/2008
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36
This Short Sale Form Rider ("Rider") is made a part of and incorporated into the certain exclusive listing agreement between ___________________________________________________ ("Seller") and _____________________ ___________________________________________________________ ("Broker") on ______________________________, 20____ ("Agreement") for the listing of the real estate commonly known as: _____________________________________________________________________________________________("Property").
(address) (unit #) (city) (state) (zip)
I. Except as modified by this Rider, all of the terms and conditions contained in the Agreement remain in full force and effect. In the event of any conflict between the terms and conditions of this Rider and the terms and conditions of the Agreement, the terms and conditions of this Rider shall prevail. Capitalized terms used but not defined in this Rider shall have the meanings given to them in the Agreement. II. In addition to any rights granted to Broker and Designated Agent under the Agreement, Seller authorizes Broker and Designated Agent to: (a) market the Property as a short sale or pre-foreclosure property in the MLS, in accordance with the MLS rules and regulations or other marketing medium; (b) continue to market the Property for sale according to the MLS rules and regulations until Seller's lender(s) and/or lien holder(s) (collectively, the "Lender") approves the short sale; (c) disclose or provide any requested information or documentation to the Lender for the purpose of obtaining approval from the Lender in connection with the short sale of the Property; (d) contact the Lender's loss mitigation or similar department to obtain loan and/or lien status, account and payoff-related information; (e) provide comparables, broker price opinions information regarding comparable properties, general condition of the community and the condition of the Property in relation to other properties in the community, MLS and other data documenting the current value of the Property; (f) provide any and all mortgage and/or lien account and payoff information to prospective buyers and/or their agents or brokers; and (g) coordinate visual inspection of the Property by authorized representatives of the Lender. III. If Broker and/or Designated Agent secures a sales contract for the purchase of the Property, Seller authorizes Broker and/or Designated Agent to include contingencies in such contract for: (a) approval of the purchase price and all other terms of the sales contract by the Lender; (b) Lender's agreement to accept a payoff which is less than the balance owed on the loan and/or lien; and (c) Lender's issuance of a release and satisfaction of the mortgage(s) and/or lien(s) upon Lender's receipt of the reduced payoff amount(s). IV. Seller shall promptly (upon request) furnish the Lender with copies of the executed sales contract, preliminary closing statement prepared by the closing agent, Seller's financial information, including but not limited to pay stubs, tax returns, bank statements, medical bills, a hardship letter outlining Seller's financial difficulties as necessary to justify the short sale, proof of Seller's assets and liabilities, homeowner or condominium association lien status letters (if applicable), and any other documentation the Lender deems necessary to substantiate Seller's inability to satisfy Seller's repayment obligations to the Lender. V. Seller acknowledges and agrees that the commission offered to a cooperating broker under the Agreement may be modified if Seller reduces the amount of the Commission to be paid to Broker.
37 38 39 40
__________________________________________
Seller's Signature Date
___________________________________________
Broker's Signature Date
__________________________________________
Seller's Signature Date
___________________________________________
Broker's Signature Date
# 5208092_v3