Both of these suggestions will help your offer beat out even higher priced offers because your buyer is showing a sincere and long term commitment to the closing of their contract.

Please Include the following details in your Short Sale Offer:
DATES AND DEADLINES
- (SSA shall mean Short Sale Acceptance by seller's lender)
- (MEC shall mean Mutual Acceptance of Contract by Buyer and Seller/Owner)
Please use SSA + number of days in the "Dates and Deadlines" section of your Purchase Offer - except for the earnest money and inspection dates where you will want to use MEC + number of days.
Example: Appraisal Deadline: SSA + 14 Days

PURCHASE OFFER (CONTRACT) ATTACHMENTS SECTION
Please only add the Short Sale Addendum. - Lenders never approve other types of addendums. (the cleanest offer always has the best chance of lender(s) approval)

PURCHASE CONTRACT OFFER - NOTE SECTION
The following disclosure forms are attached but are not a part of this contract
PLEASE ADD ALL OTHER DISCLOSURES TO THE NOTE SECTION OF YOUR PURCHASE OFFER.

SELLING AGENTS
Please implement the following suggestions into your Contract Offer. These points will considerably improve your client's chances of obtaining the short sale lender approval of their Contract Offer.

1. SECTION 3 - Closing Date:
Since we really do not know when the lender will approve the contract for short sale, it is best to show the date as SSA + 45 days instead of picking a specific date. (the short sale addendum allows the buyer to terminate the contract at anytime anyway, so having the closing date float means repeated extension agreements will not be required.)

2. SECTION 3 - Possession Date:
Hour of Closing is preferred over a specific date.

3. SECTION 7.1 - Title insurance extended coverage:
Short sale lenders never pay for extended title insurance coverage. So, either check the Shall Not box or be sure to check the Buyer shall pay box

4. SECTION 7.1 - Extended coverage costs:
The Buyer box needs to be checked since short sale lenders never pay for extended title coverage.\

7. SECTION 7.4.4.1 - Authorization to deliver CIC:
The contract does not allow for the buyer to pay for the CIC documents, but we all know the seller nor the existing lender will pay such a fee. So, that means the buyer will need to pay if the documents are not available on line. I have added this clause to the Additional Provisions suggested clauses below.
Buyer agrees to pay for CIC documents as referenced in SECTION 7.4.4.1. and 7.4.4.2 and 15.3.

8. SECTION 15.3 - HOA transfer fees
Please check the box showing that the Buyer will pay since we know the seller nor existing lender will pay.

Additional Provisions required clauses
1. Buyer and Seller acknowledge SSA in Dates and Deadlines refers to mutual acceptance of the Purchase Offer by Buyer and Seller on the day the buyer's representative receives written notice of Seller's lender's approval of the short sale contract terms.

2. Buyer and Seller acknowledge the property is sold "AS IS" with no repairs being made nor paid for by Seller or Seller´s lender.

3. Buyer and Seller acknowledge their Contract Offer is subject to Seller's lender's written approval of the Short Sale.

4. Buyer and Seller acknowledge multiple offers may be submitted and SSA may take up to 90 days or more to respond to the Contract Offer.

5. Buyer and Seller acknowledge submission of a short sale offer does NOT guarantee short sale approval by Seller´s lender(s).

6. Buyer agrees to pay for any/all extended Title Insurance costs and facilitation closing service fees in excess of the standard base title policy premium. (SECTION 7.1)

7. Buyer agrees to pay for delivery of CIC documents and transfer fees as referenced in SECTION 7.4.4.1 and 7.4.4.2 and 15.3.

8. Buyer agrees to pay for any special homeowner association assessments as referenced in section 16.3. Seller hereby states that Seller is not aware of any homeowner association special assessments.

SHORT SALE ADDENDUM  Suggestions:
1. SECTION 5.2 - Seller Consents to Lien Holder's Release of Information
Uncheck ALL boxes.

2. Section 8.1 - Short Sale Acceptance Deadline:
Please leave the date blank or type N/A since no one knows when the short sale lender will respond to the contract. A specific date there will require extensions every time the date is exceeded if the lender has not accept the contract by that hard date.  No extensions are required  if the line is blank or shows N/A. (Paragraph 8.3 gives the buyer the right to terminate at anytime.

3. SECTION 8.3.2  - Additional rights of termination - Check the box

Please advise your client(s) of the following:
Buying a short sale property will likely take up to 90 days or more for the current lender(s), mortgage insurance company and/or loan investor to respond to your offer.

TYPICAL COUNTER PROPOSAL YOUR CLIENT SHOULD EXPECT
(since the seller has no money to pay for typical seller expenses and the lender(s) never pay any contract related expenses)

1.  SSA SHALL MEAN SHORT SALE APPROVAL BY THE CURRENT LENDER(S), MORTGAGE INSURANCE COMPANY AND/OR LOAN INVESTOR.

2.  Sale of property is "AS IS".  Buyer acknowledges "AS IS" status.

3   Sale of property is based on Short Sale approval by Bank of America and any and all other lien holders.

4. Bank of America Short Sale addendum is part of this contract.

5.   Sale is contingent upon the seller obtaining the prior written approval of Bank of America Home Loans.

6.  No repairs will be completed to the property nor paid for by the Seller or the Seller`s lender(s)

7.  SECTION 7.1 - Buyer agrees to pay for the extended title insurance.

8.  SECTION 7.4.4.1 - Buyer agrees to pay for CIC documents and any/all extended Title Insurance costs and facilitation closing service fees in excess of the standard base title policy premium as referenced in SECTION 7.4.4.1. and 7.4.4.2 and 15.3.

9.  SECTION 15. 2 - Closing Service Fee - Buyer agrees to pay the title insurance closing fee.

10..  SECTION 15.3 - Buyer agrees to pay HOA transfer fees.

11. Buyer and Seller acknowledge submission of a short sale offer does NOT guarantee short sale approval by Seller´s lender(s).