New VA Amendment to Contract

By
Real Estate Agent with Realty One Group
http://actvra.in/5JR

Any time you have a client that is using VA financing this form should be signed upfront with the normal contract from the seller and buyer....at the time you are making an offer.  Not only is it a protection for your buyer, but many lenders will require it to be executed prior to documents being drawn.  It saves time in the end to get it signed up front. 

I've just closed a couple of VA loans and we had delays because of new addendum.

Here is it:

It is expressly agreed that notwithstanding any other provisions of this contract the purchaser shall not incur any penalty  by forfeiture of earnest money or otherwise or be obligated to complete the purchase of the property herein, if the contract purchase or the cost exceeds the reasonable value of the property established by the Veterans administration. THe purchaser shall, however, have the priviledge and option of proceeding iwth the consummation of this contract without regard to the amount of the reasonable value established by the Veterans Administration.

The purchase agreement must unclude, or is amended to include the above statement if the purchase agreement was signed by the Veteran/Applicant prior to his receiving notice of the reasonable value of the subject property.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Nevada Clark County

Anonymous
Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
131,891
Aaron Silverman
Bluewater Property Management, LLC and Lowcountry Turnkey Properties, LLC - Charleston, SC
Improving the Real Estate Experience through Educa

Great advice.

Aaron

May 14, 2010 07:32 PM #1
Rainer
77,929
Katherine Fornale
REMAX REALTY 9 - Howell, NJ
SFR, GRI

Thank you, I copied it to my file.

May 14, 2010 07:39 PM #2
Rainer
51,767
David Okada
Prudential Douglas Elliman - Manhattan, NY

I didn't know about this clause or process. Thanks for the information.

May 14, 2010 08:32 PM #3
Anonymous
Post a Comment
Spam prevention
Show All Comments
Rainer
50,818

Iryna Sysenko

Las Vegas and Henderson Real Estate
Ask me a question
*
*
*
Spam prevention