The OREF Short Sale Addendum & Brief Summary

The Short Sale Addendum & Brief Summary Disclosure are the 2 new Oregon forms created for the purpose of dealing with the dilemmas Short Sale transactions present. There seems to be just as many new questions as there are solutions. Many states have created Short Sale Addendums in the past several months in efforts to come up with there own solutions. I believe we will see changes in the current forms before they become the standard of practice for Short Sale transactions. One issue with the Short Sale Addendum is that both Buyer and Seller cannot terminate of the contract unilaterally. Both Buyer and Seller signatures are required for terminating the contract. (to be continued)