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Short Sale in Payson Utah

How to Buy a Short Sale in Payson Utah

If you are buying a short sale in Payson, Utah or any other city in Utah County you will need to make the following acknowledgement of a short sale in writing with your Payson, Utah Realtor. This is part of the paperwork when buying a short sale in Payson UT. I just want to help buyers in Payson get more familiar with the terms of buying a short sale in Payson Utah.

List of Current Short Sales in Payson Utah

Acknowledgment of a Short Sale

This transaction is commonly referred to as a “Short Sale” because the Purchase Price for the Property is less, or “short”, of the amount(s) owed to individuals/entities that have a financial interest in the Property (the “Third Parties”). Under the terms of the REPC, the Third Parties are being requested to accept less than what is owed to them. Therefore, the REPC is subject to Third Party Approval as defined in Section 2 below. For purposes of this Addendum, the Third Parties may include, without limitation; institutional lenders, mortgage insurers, bankruptcy trustees, federal, state and local tax authorities, and private parties. 

short sale in payson utah

Third Party Approval to Buy a Short Sale in Payson Utah

Buyer and Seller agree that their respective obligations under the REPC are conditioned upon Third Party Approval as defined in this Section.  Obligations of Seller to Third Parties.  Third Party Approval means that Seller has reached a written agreement with the Third Parties regarding any conditions of approval required by the Third Parties for a Short Sale payoff, including, but not limited to, any deficiency rights against Seller, any requirements for a promissory note from Seller to the Third Parties, or any other Short Sale payoff criteria that represent a continuing obligation against Seller; and Agreement to Terms & Conditions of REPC.  Third Party Approval also means that Seller, Buyer, and the Third Parties have reached an agreement regarding the terms and conditions for the purchase and sale of the Property. Such agreement may be either of the following:

(a) Seller has received from the applicable Third Parties, written approval of the terms and conditions contained in the REPC as originally submitted to the Third Parties; or

(b) Buyer and Seller have agreed to other terms and conditions as requested by the Third Parties (“Third Party Modifications”) on a separate addendum to the REPC. The Third Party Modifications shall not be binding on Buyer or Seller without their mutual written consent, which consent may be withheld by Buyer and/or Seller in their sole discretion.

Delivery of REPC to Third Parties

No later than four (4) calendar days after Acceptance of the REPC by Buyer and Seller (as defined in Section 23 of the REPC) Seller agrees to submit the REPC to the applicable Third Parties, together with any additional documentation required by the Third Parties.

Failure to Obtain Third Pary Approval

Seller and Buyer shall have until (“Third Party Approval Deadline”) to obtain Third Party Approval. If by the Third Party Approval Deadline, Third Party Approval has not been obtained, the REPC shall automatically be deemed cancelled whereupon any Earnest Money Deposit shall be released to Buyer without the requirement of further written authorization from Seller.

Earnets Money Deposit on a Short Sale in Payson Utah

Buyer agrees to deliver the Earnest Money Deposit to Buyer’s Brokerage (check applicable box):  as required in the first paragraph on page one of the REPC;  no later than four (4) calendar days after Third Party Approval as defined in Section 2 above; or  Other (specify)

Seller's Right to Accept Backup Offers

Buyer agrees that at any time prior to Third Party Approval as defined in Section 2 above, Seller may: (a) continue to market the Property to other interested buyers; (b) continue to advertise the Property through the MLS showing any MLS status category (the MLS will allow) deemed necessary and appropriate by the Seller and/or the Third Parties; (c) accept additional backup offers for the purchase of the Property (“Backup Contracts”) subject to the rights of Buyer under this contract; and (d) Seller may or may not submit any such Backup Contracts to the Third Parties for review.

Buyer's and Seller's Right to Cancel the REPC

Seller and Buyer acknowledge that there will be significant time delays in obtaining any response from the Third Parties to the terms of this proposed Short Sale; and because this is a Short Sale, Seller will need to obtain the highest and best terms for the sale of the Property. During this significant time delay, circumstances may change for both Seller and Buyer. The changes in circumstances may include, but are not limited to: (a) adjustments in available mortgage financing rates and terms; (b) modifications in the financial circumstances of Seller or Buyer; (c) the timing of the transaction may no longer meet Buyer or Seller’s needs; (d) Buyer may find another property that better suits Buyer’s needs; and (e) Seller may receive additional offers for the purchase of the Property that better address Seller’s legal and financial needs. Based on the above, if at any time prior to Third Party Approval, or the Third Party Approval Deadline, whichever occurs first, the Buyer or Seller determines that their circumstances have changed and it is no longer in their best interest to pursue the sale/purchase of the Property, either Buyer or Seller may cancel the REPC by providing written notice to the other party. In such instance, the Earnest Money Deposit, if any, shall be returned to the Buyer without the requirement of further written authorization from Seller. Buyer and Seller acknowledge and agree that this mutual right of cancellation is fair and reasonable to both parties.

 

 

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