She is putting in an offer with cash and is giving the seller the asking price but is contingent on the appraisal coming back for that price. That results in a $390,000 loan with the buyer contributing $110,000 in cash. Closings PDF Promulgated by The Texas Real Estate Commission (Trec) June 01, 2021 The Addendum Concerning Right to Terminate Due to Lender's Appraisal is not necessary if your clients are not interested in modifying their right to terminate due to the lender's appraisal under the Third Party Financing Addendum . Then, new construction appraised $70,000 less than her contracted agreed purchase price TREC Form 49-1 Video Walk-Through. What are your thoughts? Click to reveal Cloudflare Ray ID: 7a2c21c20bc5aff3 Why is The Heights a Great Place to Live in Houston? Right to Terminate Due to Lender's Appraisal | Texas National Title Most all listings now are getting over asking. This video will explain the TREC Addendum Concerning Right To Terminate Due To Lender's Appraisal. I think the best way to approach this would be to have an attorney draft an Addendum Concerning Right to Terminate. Assume a buyer agreed to pay $600,000 for a property which appraised for only $550,000 and was sold for that amount to another buyer. Using TREC's Right to Terminate Due To Lender's Appraisal Addendum f Cash buyers typically do not do an appraisal because it is not required. Understanding / or Not!! This video explains the TREC Addendum Concerning Right To Terminate Due To Lender's Appraisal. Doesn't have to be long and elaborate, just a simple form will do. this additional option is specific to the an appraisal amount that falls below the amount provided in 3(i) of the 3rd party Financing Addendum. If your clients checkAdditional Right to Terminate, they have an additional right to terminate the contract due to the appraisal that is separate from the right to terminate under theThird Party Financing Addendum. 0.749023 g Im assuming you are getting an inspection done as well. ADDENDUM CONCERNING RIGHT TO TERMINATE DUE TO LENDER'S APPRAISAL Not for use in transactions involving FHA insured or VA guaranteed financing CONCERNING THE PROPERTY AT: _____ (Street Address and City) The form of this addendum has been approved by the Texas Real Estate Commission for use only with similarly approved or promulgated forms of . 0 0 10.9619 9.4048 re ]B`!/\,lnq \TJTc.?a4v'leX;n)'}JN$Xj_dU+F \` 0.9705 1.8784 Td /ZaDb 10 Tf The special provisions section of the TREC contract is not the appropriate place for license holders to insert provisions that have legal implications or materially amend the contract terms.