Hi guys, so I've gotten a ton of questions about this over the past week, and I figured it was about time to make a video or do something to help people better understand what's going on 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 did track decide that we needed an addendum for this? Typically, what happens is you have this third-party financing addendum. If you want to follow along, feel free to pull it up. I'm talking about the third-party financing addendum, and I'm also going to be talking about the appraisal addendum. Both are available on track's website. The third-party financing addendum provides for a few different types of approval. It states that the buyer will try their very best to get approval on a conventional loan, VA loan, or FHA loan, and they have a certain amount of time to do it. The first type of approval is buyer approval. Usually, I personally ask for 21 days to do this buyer approval. This buyer approval includes credit and income requirements, among other things, that lenders look at to ensure that the buyer is creditworthy. The other type of approval is property approval. This can happen at any time up until the day of closing. Property approval consists of various factors, but the appraisal is a significant aspect mentioned in the property approval paragraph. The property approval paragraph reads: "Property approval will be deemed to have been obtained when the property has satisfied the lender's underwriting requirements for the loan, including but not limited to the appraisal and shareability of lender-required repairs. If property approval is not obtained, a buyer may terminate this contract by giving notice to the seller...
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Trec addendum concerning right to terminate Form: What You Should Know
Addendum Concerning Right to Terminate Due to Lender's Sep 9, 2023 — Due to the changes in the TREE form to a Third-Party Financing Addendum (TP RFA), if the purchase is by means of a down payment or through a real estate transfer, Addendum Concerning Right to Terminate Due to Lender's Jun 14, 2023 — With the TREE form, if the purchase is by means of down payment or through a real estate transfer, then the buyer (the seller) may terminate the buyers right to terminate if the appraisal Addendum Concerning Right to Terminate Due to Lender's “I purchased a house via an RPP (Real Property Purchase Option) with an appraisal I completed my appraisal and approved it by calling in a real estate assessment. I am going to terminate now because I did not pass off the appraisal with the TREE (Texas Real Estate Tax Center). So that is a no-go for me.” I purchased a house in the last days of January 2015, and since then, I have been very busy with various business related matters. I just completed my real estate assessment, and after I signed the appraisal, we immediately went to the Texas Department of Public Safety for the TREE form (Transit Fee Collection) and was forced to sign the TREE form under penalty of perjury. My appraisal was a low estimate, I did not pass off the appraisal with TREE (Texas Real Estate Tax Center), and in fact I have never even used TREE (Texas Real Estate Tax Center) in my own practice. But, I am forced to file a TREE Form because I did not follow state guidelines for “appraisal. I am unable to sign on to TREE (Texas Real Estate Tax Center) because I do not want to commit a felony by signing the TREE (Texas Real Estate Tax Center) and also because the appraiser who completed the appraisal was not an actual appraiser. However, due to the state guidelines, I would be required to sign something which is clearly out of context, and I cannot imagine signing the TREE form because I am not an appraiser to the Texas Department of Public Safety.
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