The lender will require a properly executed sales contract between you and the seller. The purchase contract must state that the sale is based on the lender’s approval. The lender will also want a copy of the listing agreement. The agreement should indicate that the buyer pays all costs associated with the transaction. The agreement should also show that the seller receives no money. More specifically, that the net amount to the seller is the same as the short-sale payoff figure to the lender.
The Purchase Agreement of Sales Contact
The lender will require a properly executed sales contract between you and the seller. The purchase contract must state that the sale is based on the lender’s approval. The lender will also want a copy of the listing agreement. The agreement should indicate that the buyer pays all costs associated with the transaction. The agreement should also show that the seller receives no money. More specifically, that the net amount to the seller is the same as the short-sale payoff figure to the lender.