Replies to This Discussion

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on February 10, 2011 at 9:23am

The Addendum is to show the new price agreed to and signed by both Seller and Buyer. 

 

It should merely say:  "Sales price to be $XXX,XXX."

Permalink Reply by Robin M. Willis on February 10, 2011 at 9:28am

Wanda,

 

The addendum would be changing the price to the agreed upon amount.  That should be the same amount that is on the HUD.  Both buyer and seller need to sign the addendum.

Permalink Reply by Wanda Borman on February 10, 2011 at 9:49am

In AZ we don't put prices on Addendums. We use counter offers. Addendums are for things all ready in place that  need changed, but not money.

Thanks for your help

Permalink Reply by AMY GERRISH on February 10, 2011 at 11:09am

You can put a price a change on an addendum in AZ.  As long as both the buyer and seller sign it, I've never had a problem doing it that way.

Permalink Reply by Robin M. Willis on February 10, 2011 at 11:10am

I have been a licensed Realtor in the state of Arizona for nearly 6 years.  If you have an offer submitted to the bank then you already have a contract where everything is in place, including the price.  Therefore, it would be inappropriate to use a counter offer to counter something that is already agreed upon by both Buyer and Seller.  In the case of a short sale, all terms are contingent upon the acceptance of those terms by the Lender.  So, if the Lender requires different terms or pricing, the proper course of action is for Buyer and Seller to modify their previous agreement by executing an addendum, outlining the changes they are agreeing to.  There is no reason why you would be unable to modify a previously agreed-upon price using an addendum.

Permalink Reply by Wanda Borman on February 10, 2011 at 12:14pm

Thank you Robin, That makes perfect since. You all have been a great help and I really love having such a great support group.

Thanks again for sharing your knowledge.