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Wyoming Short Sale Addendum to Purchase Agreement

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WYOMING SHORT SALE ADDENDUM

I. The Parties. This Short Sale Addendum (“Addendum”) is to be made part of the Purchase Agreement dated , 20____ (“Agreement”) made between (“Seller”) and (“Buyer”) for the property located at , City of , State of Wyoming (“Property”). In addition to the terms and conditions of the Agreement, Buyer and Seller shall be subject to the following:

II. Short Sale Consent. Seller represents to the Buyer that the Purchase Price as stated in the Agreement is less than the total amount owed by the Seller to their creditor(s). Therefore, this Agreement shall be subject to the creditor(s) written consent. Seller shall have days from the Effective Date of the Agreement to obtain such written consent from the creditor(s). If the creditor(s) provides written consent approving the Agreement, Buyer shall be notified within twenty-four (24) hours.

III. Termination of Agreement. Buyer shall have the right to terminate this Agreement under any of the following:

a.) Seller is not able to obtain written consent from the creditor(s) within the specified time-frame; or

b.) At any time prior to the Seller providing written consent from the creditor(s) approving the Agreement.

During such termination, the Buyer shall be entitled to their Earnest Money to be returned in-full by the Seller, Seller’s Agent or any other third (3rd) party holding the escrowed funds.

IV. Terms of Agreement. Notwithstanding anything to the contrary in the Agreement, except for those set forth in this Addendum, all time periods and deadlines for performance set forth in the Agreement, including the obligation to deliver the earnest money, shall run from the date Buyer receives a copy of the creditor(s) written consent.

V. Marketing the Property. Unless otherwise stated in the Agreement, Seller shall have the right to continue marketing the Property for sale as well as negotiate and accept other offers and submit those acceptable by the Seller to creditor(s). Buyer shall be notified of the existence of such other offers, however, details of such offers shall remain confidential.

VI. Closing Date. The Closing Date shall be the date as mentioned in the Agreement or days from the Seller notifying the Buyer of the creditor(s) written consent to approving the Agreement, whichever is later.

Buyer’s Signature Date

Print Name

Buyer’s Signature Date

Print Name

Seller’s Signature Date

Print Name

Seller’s Signature Date

Print Name

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Overview: Wyoming Short Sale Addendum to Purchase Agreement

The Wyoming Short Sale Addendum to Purchase Agreement is a contract amendment used when a seller seeks lender approval to sell residential property for less than the outstanding mortgage balance. It supplements the standard purchase agreement to document that closing is contingent on the lender's short sale approval, allocates responsibilities for required documentation, and sets expectations for timelines, lender communications, and potential outcomes if approval is denied. This addendum protects buyer and seller by clarifying contingencies, escrow handling, and liability during the lender review process, and is commonly used in lender-mediated transactions where primary financing is underwater.

Why include a Short Sale Addendum in Wyoming transactions

A short sale addendum makes the purchase contingent on lender approval, reducing buyer risk and clarifying seller obligations during the lender review.

Why include a Short Sale Addendum in Wyoming transactions

Who typically completes this addendum

Agents, sellers, and buyer representatives prepare the addendum to ensure lender conditions are captured and the purchase agreement remains enforceable during review.

  • Listing agents coordinating seller documentation and lender contact for short sale submission.
  • Buyers or buyer agents seeking contingencies that protect purchase deposits pending lender approval.
  • Mortgage servicers or short-sale negotiators reviewing addendum language before granting approval.

Use concise, lender-friendly language and confirm all signatures and dates to prevent delays during the lender's short sale evaluation.

How to complete the Wyoming Short Sale Addendum

Follow these steps in order to minimize lender delays and protect buyer and seller interests during the short sale review.

  • 01
    Prepare Package: Gather payoff, hardship letter, and financial statements.
  • 02
    Draft Addendum: Insert contingencies, timelines, and signatures.
  • 03
    Obtain Signatures: Seller and buyer must sign and date.
  • 04
    Submit to Lender: Deliver short sale package and addendum to servicer.

Submission and routing: typical processing flow

This sequence shows where the addendum moves from preparation through lender review to closing or contingency release.

  • Sender prepares: Agent/attorney compiles addendum and supporting documents.
  • Submit to servicer: Send package to lender short sale department.
  • Lender review: Servicer evaluates hardship and payoff terms.
  • Decision and closing: Approval triggers closing; denial allows contingency remedies.

Set up an online short sale workflow

Configure fields and routing so required documents and signatures are captured in sequence for lender review.

Field Configuration
Authentication Email or SMS code for signer identity verification
Conditional Fields Show lender-info fields only when 'short sale' checked
Attachments Required Hardship letter and payoff statement required before signing
Routing Order Seller signs, buyer signs, then send to lender

Digital signing and file format considerations

Use a platform that supports PDF/DOCX uploads, audit trails, and lender-acceptable eSign methods to preserve evidentiary value.

  • File Formats: Accept PDF and DOCX for lender review
  • Audit Trail: Capture timestamps, IP, and signer info
  • Integrations: Connect to CRM or storage systems

Ensure chosen systems comply with ESIGN and UETA; confirm lender acceptance of electronic submissions before relying solely on eDelivery.

Typical deadlines and lender processing expectations

Timelines vary by servicer; document clear contingency deadlines to protect buyer deposits and set predictable lender response windows.

Addendum Contingency:

Buyer contingency commonly 7–21 days for lender approval

Lender Response Window:

Servicers often take 30–90 days to decide

Inspection Period:

Standard inspection timelines apply unless extended

Closing Target Date:

Set conservative closing date to allow lender processing

Contingency Release:

Specify cure period if buyer or seller misses obligations

Essential information fields to include

Buyer Name: Full legal name
Seller Name: Full legal name
Property ID: Full street address
Loan Details: Lender and loan number
Contingency Date: MM/DD/YYYY format
Signatures: Signed and dated by parties

Common mistakes to avoid when preparing the addendum

  • Omitting lender loan number or servicer contact details, which delays package routing and short sale evaluation.
  • Using vague contingency language that fails to specify deadlines or remedies if lender denies approval.
  • Failing to attach required supporting documents, such as a hardship letter or current payoff statement, causing immediate rejection.
  • Relying on unsigned or improperly dated signatures, which can render the addendum unenforceable with lenders or title companies.

Risks and legal consequences of errors

Deposit Loss: Buyer may forfeit earnest money
Sale Failure: Transaction can collapse without approval
Deficiency Exposure: Seller may face deficiency claims
Tax Liability: Forgiven debt may be taxable
Title Issues: Unclear liens hinder closing
Tax Withholding: Backup withholding may apply, 24%

Core components of a professional short sale addendum

A complete addendum spells out parties, the short sale contingency, lender notice, timelines, documentation, and closing conditions to reduce ambiguity.

Parties

Identify buyer and seller by full legal names and contact details; specify any agents or attorneys authorized to act on behalf of a party.

Property Description

Provide complete street address and legal description where available; ensure consistency with the main purchase agreement and title documents.

Lender Information

List lender, servicer, loan number, and contact details to direct short sale submission and reduce administrative delays during evaluation.

Short Sale Contingency

State that closing is contingent on lender approval of the short sale and define what constitutes approval or rejection for the parties.

Timeline

Specify deadlines for lender response, inspection period, and target closing date; include remedies for failure to obtain approval.

Closing Terms

Address escrow instructions, allocation of closing costs, and any seller representations or releases related to forgiven debt and liens.

eSignature vendor comparison relevant to short sale workflows

Compare common eSignature options for document execution and lender submission; signNow is listed first for parity in capability comparison.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial 7-day trial Varies Varies Varies Varies
Bulk Send Yes Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No
Envelope Cap No cap 100 envelopes/user/year Varies by plan Varies by plan Varies by plan

Frequently asked questions about the Wyoming Short Sale Addendum

Answers to common questions about preparation, signatures, lender acceptance, and post-decision steps for short sale transactions in Wyoming.


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