CONDITIONAL SHORT SALE AGREEMENT CHECKLIST

If you are considering a Short Sale, also known as a pre-foreclosure sale, to sell your property for less than the balance remaining on your mortgage in order to avoid foreclosure, we recommend that you consider the following items:

Important Dates Closing □ Maximum of 15 days to list your property with a Broker □ You agree that closing costs paid by you or on your from the date you sign this Agreement. behalf as seller will be reasonable and customary for □ Maximum of 90 days from date you sign this Agreement the market where your Property is located, including to find a buyer for your property. title fees, attorneys fees, recording/transfer fees, taxes, □ Closing must be within 105 days from date you sign this and broker commissions up to 6 % of sales price. Agreement. □ You agree that any liens against your Property, other □ Total of 105 days from date you sign to complete all than the lien securing this mortgage loan, must be conditions of this Agreement. removed. Servicer will pay up to 6% of subordinate lien balance on the Property up to $6,000 total per lien. Listing Agreement □ You agree to list and sell your property in “as is” Incentive condition at a list price approved by your Servicer. □ You will receive an incentive of $3,000 for □You agree that the listing agreement must include a relocation assistance and expenses if you comply with Cancellation clause and a Contingency clause. all conditions of this Agreement within 105 days of signing. Arms Length Transaction □ You agree not to sell to anyone that is related to you or Sharing Confidential Information has a close personal or business relationship with you. □ You agree by signing this Agreement to □ You agree not to receive any commissions on the sale of share your personal and financial data with parties the property. involved in this transaction. □Your buyer must agree to not sell the Property within ninety (90) calendar days of the date of your closing. Tax Consequences □You agree not to have an agreement with the buyer to □ You agree that a short sale may have tax buy the Property back after closing. consequences to you and you should seek tax advice from an accountant. Sales Contracts □ You agree to give Servicer a copy of signed contract Termination within 2 days of receipt of an offer on your Property. □ You agree that the Servicer may terminate this Agreement if the important dates are not met, if your Maintenance financial situation changes, bad faith, change in □ You agree that you are responsible for maintenance on condition of Property, if you file bankruptcy and this your Property from date of Agreement through closing. Agreement is not approved, or litigation affects clearance of title on the Property. Mortgage Insurance guarantor □ You agree that the MI company and guarantor of your loan, if any, must approve the short sale.

Credit Reporting □ You agree to the Servicer reporting the short sale to credit bureaus and that it may impact your credit score.