Realtors....what do you think of this Addendum? - addendum to agreement of sale
I'm buying a house. The suppliers are also living in a nursing home and his 3 children with his lawyer, are involved in the sale of this house. I have approved before for an FHA mortgage, but also agreed to buy the house "as is". To do this, I need to (make all necessary repairs by the FHA experts before closing to this is for me very well). My agency has said on more, the lawyer for the seller and revised it to read.
The buyer agrees to all repairs required by the mortgage company, at its expense, to obtain the necessary financing. Buyer further agrees that if repairs are not completed as required or not completed to the satisfaction of the mortgage, the vendor said in May of this agreement is null and void and the buyer agrees to waive his $ 5,000 deposit to the seller. "
Not really with the last sentence because it some, the seller can walk quietly and keep my money on deposit guarantee schemes (of which lasted 6 months, save!) What do you think, orf? My mortgage broker told me there is nothing to fear, because the minor repairs are (scraping and painting, caulking around a window replaced with a low ceiling tile, etc.) and the mortgage lender does not diminish the appliction only mortgage on the basis of repair.
Wednesday, January 20, 2010
Addendum To Agreement Of Sale Realtors....what Do You Think Of This Addendum?
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4 comments:
My sister bought a house through a loan from the FHA. The house had removed all the land due to illness. The FHA loans are not approved without them. Your agent is added, that the work is done within 30 days after purchase of the house. It has come to ensure that the work done well. I think instead of scenarios. But if it does not move, it seems very good. Not expect the seller to authorize repairs, but the mortgage company. I think the other poster was right, you should have a size limit for the amount of money you pay. I would add that if for some reason, the seller of the agreement that the fee raises for the money spent.
when repairs, minor repairs and the seller is not over, you are ready to lose your deposit? They are also the repairs are more than 5000 full cost?
though not quite agree, saying with the last part, he can not, with the deposit of $ 5000, now on foot, or renegotiate this portion of the additive on foot.
Buying a house is a good investment and he wants to be happy during the whole process. Congratulations and good luck!
You should probably a loan of 203K. Talk to your agents and brokers and see what can be done.
As a side note, 5k this market seems pretty steep. I will not sign with anyone who wants a security deposit of 5 km. 500-1000, to ensure that it is really important, yes, but 5k? Of course, in 2006 in "hot" neighborhood, but not today.
You are probably safe, but just to get safely to the prior approval of (unskilled) and evaluation of this house, before the repair. Once this is done, then sign the document.
Otherwise, add a sentence that is still subject to review and approval of the loan. Most buyers have a clause in the deed saying that the sale depends on credit approval. Besides the above waives the right of the quota (assuming you have one). This means that each a cash transaction, if you can not get the mortgage approved. * * You can declare the nullity of the agreement and void, but can not decide * * also be null and void. Who should they sue for the purchase of the house with cash.
FYI, FHA loans are very strict!
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