SHORT SALE PURCHASE & SALE AGREEMENT CLAUSE

Seller discloses and buyer acknowledges that sale of subject property is a short sale (meaning that the seller will not have enough money from the proceeds to pay off their mortgage(s) and closing costs). The sale of this property is contingent upon sellers' mortgage holders' approval of the short sale. Seller shall seek mortgage holders' approval promptly and will keep buyer and buyer's agents reasonably informed of progress of the same.

FORECLOSURE PURCHASE & SALE AGREEMENT CLAUSE

Seller discloses and buyer acknowledges that the subject property is being foreclosed (meaning that lender or lien holder is forcing the sale of the property through the courts in order to recoup debt the seller owes). The sale of property is contingent upon the seller being able to get court and/or lender/lien holder approval. Seller shall seek court and/or lender/lien holder approval promptly and will keep buyer and buyer's agents informed of progress of the same.