Addendum to Purchase & Sale Agreement

The following is incorporated into the Purchase & Sale Agreement between Buyer and
Seller and in the event that anything contained in this Addendum shall conflict with the
Purchase & Sale Agreement, then the terms set forth in this Addendum shall prevail:

1. Agreement Contingent upon Short Sale. The parties hereto acknowledge and agree
that the current debts on the Property exceed the value of the Property and that this Agreement is
specifically contingent upon Seller’s Lender(s) approving a reduced payoff (“Short Sale”) of all
liens against the Property. This Agreement is specifically contingent upon Seller’s Lender
approval of a Short Sale payoff at the Purchase Price and terms acceptable to Buyer (the
“Approval”). In the event that a Short Sale at the Purchase Price is not approved by Lender to the
satisfaction of Buyer, then this Agreement shall be null and void and all parties shall be relieved of
any liabilities hereunder and no real estate commissions shall be earned, due or payable. Neither
party has made any promises as to the likelihood of success in obtaining a Short Sale Approval
and both parties acknowledge and agree that Seller’s Lenders may withhold Short Sale Approval
for any reason whatsoever at its unreasonable discretion.

2. Binding Agreement Date. For and in consideration of the additional payment of

$10.00 by the Buyer to the Seller, the receipt and sufficiency of which is hereby acknowledged,
Seller does hereby grant Buyer the Option of terminating this Agreement, for any reason until the
date which is two (2) business days after Buyer receives the Approval in writing from Lender (the
“Binding Agreement Date”). This Agreement shall be an option contract until the Binding
Agreement Date shall pass without Buyer terminating the same. Buyer may record among the
public records of the county in which the Property is located a Notice of Purchase and Sale
Agreement. The outside date for closing shall be extended for a period of 90 days after the
Binding Agreement Date or at such other date as mutually agreed upon by Seller and Buyer.

3. Earnest Money shall be due and payable within five (5) business days after the Binding
Agreement Date.

4. Arms Length Transaction. Seller is in default on their mortgage payments and the
Property is facing foreclosure due to circumstances that have nothing to do with Buyer. The
current debts secured by the Property exceed the value of the Property and there is no equity in
the Property. Seller has been unable to sell the Property and has identified Buyer through a real
estate agent or other third party not related to Buyer. Seller hereby acknowledges and agrees
that a condition of the Short Sale by the Lender will be that Seller may not receive any money or
other consideration from the Short Sale transaction.

Seller’s Initials

5. Disclosures. Seller shall not lease back or buy back the Property from Buyer nor shall
Seller be allowed to remain in the Property after Closing. Buyer may be a wholesale investor and
the Purchase Price may be significantly less than the current fair market value of the Property.
Seller hereby grants Buyer the right to list for sale with a licensed real estate agent, market,
negotiate and/or enter into an agreement to sell the Property to a third party. It is hereby
disclosed to Seller and Seller’s Lender that Buyer is purchasing the Property with the intent of
reselling for a profit.

6. Tax Consequences. Seller acknowledges that a full satisfaction obtained from Lender
may have tax consequences for Seller and that Seller has been advised to seek the advice of a
tax professional.

7. Opportunity to Review. Buyer’s involvement in the transaction is solely as purchaser with

the intent to profit and is NOT a foreclosure consultant, advisor, or counselor. Seller has
had the opportunity to discuss this Agreement with Seller’s attorney, CPA, friends, family,
and/or other trusted advisors, and after considering all available options, Seller has elected
to enter into this Agreement.

8. Buyer may Utilize Service Provider. Seller acknowledges and agrees that Buyer may
utilize a third party service provider to negotiate the Short Sale with Seller’s Lender. No
fiduciary relationship is created nor shall be created between any such third party and
Seller or between such third party and Seller’s Lender it being disclosed that such third
party negotiator shall work exclusively for the benefit of Buyer. Buyer and Seller
acknowledge that Service Provider shall be paid a Negotiation Fee equal to 2% of the
Purchase Price; however, this shall not cause any out of pocket cost or expense to Seller
or Agents. The negotiation of the Short Sale will require multiple counter offers being sent
back and forth to the Lender. Seller gives Short Sale negotiator permission to make such
offers and counteroffers on its behalf in the context of the Short Sale negotiation without
obtaining new signatures from Seller.

9. Buyer is Not a Debt Relief Agency. The parties hereto acknowledge that Buyer is not a
debt relief agency and does not provide assistance with bankruptcy filings. Buyer does not
provide bankruptcy information, advice, counseling, document preparation, filing, or any
other representation related to existing or prospective bankruptcy. Buyer is not acting as
Seller’s representative, agent, counselor, or advisor in any capacity and is pursuing the
transaction contemplated herein adverse to Seller for Buyer’s own interest to profit.

10. Hold Harmless. Seller hereby indemnifies and holds Buyer, and any agent or
representative, or third party provider working by or on behalf of Buyer harmless from any
and all losses and damages suffered as a result of the foreclosure of the Property, the
Short Sale, or otherwise associated with this Agreement for any reason whatsoever.

Seller’s Initials

11. Entire Agreement. The Purchase and Sale Agreement and this Addendum contains the
entire agreement of the parties hereto, and any representations, inducements, promises or
 agreements, oral or otherwise, between the parties not embodied herein shall be of no
force or effect. The provisions of this Agreement shall inure to the benefit of and be binding
upon the parties hereto and their respective heirs, administrators, executors, personal
representatives, successors and assigns. There are no side agreements, verbal
agreements or understanding not set forth in writing herein.

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed

under seal this day of , 200 .

SELLER: BUYER:

Print: Print:

Print: Print:

LISTING AGENT: SELLING AGENT:

Print: Print:

Print: ______ Print:

 Authorization to Release
Lending Information
LENDER:

Account Number:

PROPERTY:

City: County: State: Zip:

BORROWER:

SS#:

BORROWER:

SS#:

Dear Lender:

This “Authorization to Release Lending Information” is my written permission to you to release

my Account Statement, loan payoff, and other information regarding the referenced account and
property to
(Authorized Party)
and/or paralegals or assistants calling from the office.

The Authorized Party does not represent me nor shall Authorized Party negotiate or perform
services on my behalf but rather will be contacting you on behalf of the Purchaser of the
referenced Property and you have my authorization to discuss my loan with the Authorized
Party. Thank you.

Signed:

Print Name:

Date:

Signed:

Print Name:

Date: