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An addendum is a separate form that, once signed by the buyer and seller, becomes part of the sales contract. Appraisal contingency addendums are state-specific and allow buyers to move forward with their purchase under certain agreed-upon conditions.
How do you write an appraisal gap?
In the appraisal gap coverage clause, you and the seller must agree on how much you're willing to pay above the appraised value and if you want the difference split. Agree on as much as possible, putting it in writing before signing the contract to prevent stress and unnecessary renegotiations after the appraisal.
What is an appraisal waiver addendum?
Appraisal Termination Waiver This addendum basically states that the buyer waives their right to terminate the contract if the appraisal does not meet the lender's requirements. Rather than a waiver of appraisal, this form is more of a waiver of the loan amount that their lender is willing to make.
What is appraisal gap addendum?
What is an appraisal gap clause? An appraisal gap clause can be written into the purchase agreement to help safeguard against a low appraisal. The clause states that the buyer will cover the difference between the appraised value of the home and the purchase price, up to a certain amount.
appraisal gap addendum illinois pdf
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File Info : application/pdf, 1 Pages, 398.75KB ... Monitoring Info, home phone, DOB and NMLS for LO & Company 1003 Addendum with Demographic information ...
The Appraisal of Real Estate Readers of this text may be interested in the ... Conditions Addendum to the Appraisal Report (Form 1004MC) by Fannie Mae.
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