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SHORT SALE COMMUNICATION NOTICE

All parties agree to contact the listing agent for information or assistance

no morethan once weekly

All parties also agree to return calls from Listing Agent and/or Negotiators within 2hours of receipt and provide any documentation within 24 hours of request.

The seller’s negotiation team is often up at 5:00 AM on hold with these lenders.They work weekdays until late waiting on calls from them and you. Please becourteous and understanding of their time restraints. No amount of yelling,screaming, whining or crying, addendums or demands will make the lenders movequicker. Be patient! We will contact you only when there is new news or we needyour help in the negotiation process. You’re welcome to call once in a while for anupdate, but no news usually

means NO news

. Believe me, we want answers asquickly as you do and we do know how difficult it is for those waiting with us. Saveyour strength for the closing and leave the rest to us.

No matter what happens, all parties understand that negotiators, investmentcompany, the real estate agents and brokers involved in this transaction are notliable for the failure of the lenders to approve the short sale or the Sellers’ failure toclose the loan. We are good at what we do, but we do not have control of everylender or distressed seller. All we can do is THE VERY BEST we can do…and thatis what we do! Thank-you in advance for your help and cooperation.

Our goal is to close this escrow in the shortest possible period of time with the leastamount of trauma and drama to all. With your cooperation,

we will work togethertoward a GREAT DEAL for your buyer and a mutually beneficial outcome forall.

Thank you in advance for your help and cooperation.Buyer Acknowledges Receipt By Signing Below:

Disclosure of Short Sale Issues to Buyer

REFERENCED PROPERTY:

When making an offer to purchase property, Buyer may be asked by Seller to execute a contract that mustbe approved by Seller's lender(s) or other third party. Such a condition may indicate that a "Short Sale"circumstance exists.A Short Sale occurs when (i) the purchase price of a property is not sufficient to satisfy all liensencumbering the property and to pay for seller's costs of sale, including real estate commission, and (ii) dueto hardship or financial inability the seller is unable to pay the balance of such liens or costs. In suchcircumstance:1. You may not simply "walk away" from an executed contract that is subject to lender or third-partyapproval. You will become obligated to perform under the terms of the contract from the date of executionuntil the lender or third party disapproves the contract, or until other event covered by the terms of thecontract occurs permitting either seller or buyer to terminate.2. The lender or third party is under no obligation to consider, respond to, approve or disapprovethe contract within any specified period of time.3. It is possible the lender may elect not to approve the contracted sale, in which case you will notbe able to buy the property at the listing or contract price.4. At the time the seller enters into a contract with you, the seller may not have been informed bythe lender:a. what an acceptable purchase price might be, or b. that the lender would participate in or consider a potential Short Sale offer.Receipt of the above disclosure is hereby acknowledged.Buyer DateBuyer DateBuyer Agent(s) Date

Page

Updated

05/20/2009

Short Sale Offer Purchase & Disclosure Addendum

Property Address:Buyer(s):Purchase Price: Offer Date:1.

Financing:

BUYER MUST PROVIDE PROOF OF ABILITY TO PURCHASE VIA LENDER PRE-QUALIFICATION LETTER OR CERTIFIED BANK STATEMENT. If buyer is obtaining a mortgage, mortgagepre-approval letter and loan officer contact information will be attached to this addendum. If Buyer is unable(or unwilling) to perform, for any reason, then the earnest money shall be forfeited to Seller as liquidateddamages. Buyer will make application for financing within three (3) business days of the date of thisAddendum and will, in a timely manner, furnish all financial data to their lender that their lender may require.The loan commitment must be obtained within ten (10) calendar days after application has been made. If written loan commitment is not obtained this contract may be terminated by Seller. In the event Buyer isdenied, Buyer will reapply (if requested to do so by Seller) to a financial institution of Seller's choice or of Buyer's choice with Seller approval. Seller also has the option but not the obligation of substituting itself asan alternative financing source upon first loan denial. The loan commitment must be obtained within ten (10)calendar days after the second application has been made. If written loan commitment is not timelyobtained, Seller shall have the right to terminate this Agreement and retain the earnest money as liquidateddamages.2.

Third Party Approvals:

All offers are contingent on Seller's third-party approval(s), which include allrecorded lien holders and parties with recorded interest in property.3.

Acknowledgement by Buyer:

Buyer acknowledges that the Lender is not a party to the Contract andtherefore is not obligated to approve the Contract. Buyer further acknowledges that Seller and Broker arenot liable for delays caused by Lender, failure of the Lender to approve the Contract, failure of the Lender tocomplete the Short Sale after approving the Contract or any costs and expenses (such as payments for loanapplications, inspections, and appraisals) associated with the delays or Lender's failure to approve theContract or complete the Short Sale after approving the Contract.4.

Multiple Offers:

Unless otherwise agreed by Buyer and Seller in writing, Seller may continue to market theProperty for sale and accept other offers and submit those accepted offers to the Lender.5.

Buyer Credits.

Many lenders will not approve a buyer's credit towards closing costs but the SELLER maybeable to make some allowances depending on property or Buyer circumstances. Offers requiring credit tobuyers for financial assistance are deemed as less qualified by the lender and Seller so they may decide, at