Realtors across the state are exposed to massive liability every time they have consummate a short sale transaction because the previous version Short Sale Addendum form prepared by the Florida Association of Realtors completely ignores the liability faced by homeowners for a deficiency judgment.
I first altered the Realtors I work with and the Florida Association of Realtors to this problem shortly after I started seeing the prior addendum over a year ago, and it appears that they have finally accepted this message. The attached Short Sale Addendum, revised in June 2010 includes the exactly language that I have been directing my Realtor clients to use. For every Realtor and seller under contract, this addendum should be replace the prior contract that is part of the transaction
Short sales still present massive liability for all parties and it is absolutely critical that sellers and all agents involved in these transactions obtain the advice of an experienced foreclosure defense attorney. Review my blog and contact me directly for more information about this important issue.
Education and, most importantly, experience is always the best way to learn the homes industry no matter if you’re an agent, broker, loan officer, home lender, inspector or contractor. Do not ever stop learning…that’s the key to success and the secret to treating your clients the right way.