FAR Short Sale Addendum

Questions have been asked regarding specific items in FAR’s Short Sale Addendum (SSA-2 revised 7/08). Questions like the “right of first refusal” and listings remaining “active” while the lender approves a short sale are addressed. For your convenience, we have placed a link to FAR’s answers to these and other frequently asked questions about the Short Sale Addendum. For the “Basics” of short sales, as written by NAR, see the link below.

Click here to view the FAR Short Sale FAQs>>

NAR Link – The Basics – Short Sales>>

About MFRMLS: The Mid‐Florida Regional Multiple Listing Service services 15 Realtor associations in 10 counties and has approximately 30,000 members. Homebuyers can log on to www.MyFloridaHomesMLS.com to find the most up‐to‐date information on home listings in central and southwest Florida, including open houses, short sales, pre‐foreclosures and foreclosures.


One Response to FAR Short Sale Addendum

  1. Dave Lowe says:

    After having spent enough time showing ‘ACTIVE’ short sales only to discover they have a signed contract at the bank waiting for approval I took action. First I called FAR Legal to discuss ‘First Right of Refusal’ to solidify my thoughts on the subject and this is what I discovered.

    Real Estate Agents cannot create a ‘First Right of Refusal’ to do so is practicing law, one must exist before and agent takes a listing.

    As a side note, has anyone seen an addendum creating a ‘First Right of Refusal’ in Transaction Desk?

    The Attorney went on to say that ‘Third Party Approval’ by the bank is a contingency much like an inspection, financing etc… but that the moment a seller signs an offer from a buyer you have a contract and you need to work through the contingencies to fulfill and move to a closing.

    I then called Mid-Florida and discussed this finding and the verbiage being used by agents to keep properties active in the MLS and question if the verbiage was correct and maybe placing agents in jeopardy. They then explained they were getting numerous calls on this issue and had been in discussion for some 6 months on the subject but had no answers and thanked me for my input.

    Now we see a clarification on the issue and I agree, wonder if my phone call to FAR Legal made a difference?

    Thanks Mid-Florida!

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