News & Information: Risk Management Tips

Risk Management - Short-sale Approval Letter

Friday, July 13, 2012  
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»Execute an addendum accepting the short-sale approval letter in order to move the short sale forward.

In order to move a short sale forward without hiccups, when the approval letter is received consider having the buyer and seller execute an addendum that states, "All parties agree to the terms and conditions within the short-sale approval letter.”

Risk Management Tips of the Week are provided by the ORRA Risk Management Subcommittee as a service to ORRA members. The tips are not a substitute for individual legal consultation. Tips should not be relied upon in specific situations without consulting a real estate attorney.

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