Contracts
What is a Nevada short sale addendum and when is it used?
AAn addendum for properties listed below market value
BAn addendum to a purchase contract acknowledging that the sale is subject to lender approval of a short payoff — used when the seller owes more than the property's market value✓ Correct
CAn addendum shortening the inspection period
DAn addendum approved by NRED for distressed sales
Explanation
A short sale addendum discloses that the sale is contingent on the seller's lender(s) approving the short payoff amount. It sets expectations for timeline delays, specifies lender approval as a condition precedent, and addresses what happens if lender approval is not obtained.
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