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Video instructions and help with filling out and completing Trec addendum concerning right to terminate
Instructions and Help about Trec addendum concerning right to terminate
Hi guys so I've gotten a ton of questions about this over the fast over the past week and I figured it was about time to make a video or do something to sort of help people better understand what's going on and what's up with this whole track appraisal addendum so the first thing I want to describe is how it was in the past and how we got to this point how we got to the point that track decided that we needed an addendum for this so what happens typically is you have this third party financing addendum if you want to follow along feel free to pull it up I'm pulling I'm talking about the third party financing addendum I'm gonna also be talking about the appraisal addendum both are available in tracks website so this third party financing addendum it provides for a few different types of approval it says that the buyers gonna try their very very best to get their approval on a conventionally loan or va loan or if at FHA loan and they have a certain amount of time to do it so the first thing they have is buyer approval usually I personally ask for 21 days to do this by your approval but this buyer approval is you know credit you know income requirements all these different requirements of the lenders are looking to make sure that your buyer is a credit worthy person now your other type of approval is property approval and this guy could be in any amount of time up until the day of closing is the property approval and this is made up of a few different things it's you know but primarily it's made up of your appraisal you know your appraisal is one of the big things that's mentioned inside the property approval I mean this this paragraph reads property approval then this is paragraph b2 of the third party financing addendum property approval will be deemed to have been obtained when the property has satisfied the lenders underwriting requirements for the loan including but not limited to appraisal and share ability of lender required repairs if property approval is not obtained a buyer may terminate this contract by giving notice to the seller before closing and the earnest you will be refunded to the buyer all right so let's unpack that so basically the buyer can back out entirely if this property does not mean approval but if you know tracks contracts you know that backing out also means that it's a point for negotiation we don't have an inspection contingency in Texas we have an option period and during that option period you can back out for whatever reason you want or you can go back to the sellers and say hey check this out your inspection says that you need two thousand dollars worth of work done on the house I want two thousand dollars off my asking.