This document has legal consequences. © ST.

LOUIS ASSOCIATION OF REALTORS ®

If you do not understand it, consult your Approved by Counsel for the St. Louis Association of REALTORS ®
attorney. to be used exclusively by REALTORS ®

Form # 2175 2/08

Short Sale
SUPPLEMENT TO LISTING CONTRACT

LISTING CONTRACT DATED:

PROPERTY:

The undersigned Owner(s) hereby acknowledges:

1. The sale of the property may result in a short sale. A short sale is defined as a situation where the Owner's net
proceeds after payment of customary closing costs from the sale of property are insufficient to pay the
outstanding mortgage loan and/or other lien balances in full at closing unless the Lien Holder(s) accept payment
that is less than the amount(s) actually owed to the Lien Holder(s). Generally, the Owner is in default on their
lien obligation and is able to document their inability to meet ongoing repayment obligations.

2. Any sale contract accepted by the Owner should be contingent upon Lien Holder(s) agreement to accept less
than the amount(s) actually owed.

3. Owner may not receive any net proceeds at closing and may owe additional monies.

4. Owner authorizes REALTOR ® to market the property as a short sale or a possible short sale in the MLS or other
advertising, to include Form #2176 Short Sale RIDER TO THE SALE CONTRACT in any sales contract entered into
by the Owner, and to contact the Lien Holder(s) loss mitigation or other appropriate department with regard to
facilitating a short sale.

5. Owner agrees to provide REALTOR ® and/or Lien Holder(s) with the following information upon request (including,
but not limited to):
• Fully Executed Listing Agreement and Sales Contract
• Authorization Letter
• Hardship Letter
• Preliminary HUD from Title Company
• Financial Statements, Pay Stubs and W-2's
6. Owner acknowledges that forgiveness of debt by the Lien Holder(s) may result in taxable income to the Owner.
NOTE: Owner is advised to obtain legal advice concerning the terms of a short sale agreement with
Lien Holder(s) and professional tax advice regarding any tax implications.

7. Owner acknowledges that involvement in a short sale may not preclude foreclosure proceedings. Owner agrees
to provide REALTOR® with any and all correspondence from Lien Holder(s) regarding foreclosure proceedings.
Owner agrees to hold harmless from liability any real estate broker and licensee participating in this transaction.

OWNER DATE REALTOR® (Company)

OWNER DATE AUTHORIZED AGENT DATE

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