|Can an Appraisal Special Stipulation (i.e. Appraisal Gap Stip) be enforced if a Buyer is getting an FHA / VA Insured Loan? Watch the video to find out! |
Amendatory Clause – FHA & VA Insured Loans: FHA AMENDATORY CLAUSE “It is expressly agreed that notwithstanding any other provisions of this contract, the purchaser shall not be obligated to complete the purchase of the property described herein or to incur any penalty by forfeiture of earnest money deposits or otherwise unless the purchaser has been given in accordance with HUD/FHA or VA requirements a written statement issued by the Federal Housing Commissioner, Department of Veterans Affairs, or a Direct Endorsement Lender, setting forth the appraised value of the property of not less than $ _________. The purchaser shall have the privilege and option of proceeding with consummation of the contract without regard to the amount of the appraised valuation. The appraised valuation is arrived at to determine the maximum mortgage the Department of Housing and Urban Development will insure. HUD does not warrant the value or the condition of the property. The purchaser should satisfy himself/herself that the price and condition of the property are acceptable. Source: Department of Housing and Urban Development.”
Same for VA Insured Loan.
Please browse “Videos” or “Playlist” for so many more!
FYI… there are more videos on the YouTube Channel, “Real Estate Made Crystal Clear” ahead of what is presented in this Newsletter.
Click to Watch More Videos