Help with Counter addendum

Wells Fargo countered, and the buyer has come back with an amount to meet the minimum net requested.  The buyer's agent sent me the contract back with the closing date and amounts revised and initialed for my seller to sign.  This is what I have seen locally when counters are presented and done myself.

Rereading the negotiator's email he specifically asks for a counter offer addendum.  I don't want the seller to lose this deal b/c of something as simple as not using the correct form.  Locally, I do not have a counter offer addendum form (although I have read some areas do specifically for counters).

Does anyone know if Wells Fargo is accepting of counters like this (where the purchase agreement has been modified)?  I have also restated the counter in my email along with a revised HUD.  Do I need to use an addendum to purchase agreement instead?

It is due by end of day tomorrow- I have asked negotiator for clarification but I may not get it in time to get all signatures if I need something else.

 

Thanks!

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Replies to This Discussion

Permalink Reply by Kathleen Lordbock on November 17, 2011 at 5:23pm

Technically that would be an amendment to the Purchase agreement (changing/modified) not an addendum (adding). Crossing out and initialing on the PA is not how this should be done- use a blank amendment to the PA and fill in the changes (if you do not have another  state REALTOR approved form, everyone sign and keep moving.

Permalink Reply by Tara Samney on November 17, 2011 at 5:43pm

Thanks!  I figured it would be an amendment but he specifically asked for a counter addendum. I'm thinking perhaps he just has terms confused. We don't have a specific approved form for a counter addendum.

Permalink Reply by Anna "Banana" Kruchten on November 17, 2011 at 5:37pm

Tara I have one going on in WF asking for the same thing. Can you simply use an addendum?  In our case it's really not a 'counter offer' as to what the negotiator is wanting on the HUD is really not a 'counter offer' in the normal course of business. Seems like that's just the verbage they use as it's used all the time in every response I get, whether it's needed or not.  I had to explain to the negotiator what was correct and workable on the hud and  that a counter wasn't necessary'. She thanked me and approved the HUD without a counter offer. 

Permalink Reply by Tara Samney on November 17, 2011 at 5:46pm

I have a change to the purchase price, so I think they will need more than just the HUD. I had a really good escalation agent and a negotiator so far- hopefully any HUD changes later will be as simple! Thanks!

Permalink Reply by Anna "Banana" Kruchten on November 17, 2011 at 5:54pm

And addendum sounds like the proper form to use for a sales price change.  Good luck and glad to hear your working with some folks that now what they're doing.

Permalink Reply by Kenneth Kelley on November 18, 2011 at 6:35am

Wells Fargo (about 2 weeks ago) asked for the WF Purchase Addendum and also a separate CAR addendum stating "That closing to occur on or before 60 days from lender approval"

 

Maybe they are asking for that

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Permalink Reply by Tara Samney on November 18, 2011 at 7:14am

Thanks - that reads alot like the Affidavit they had them sign.  I will hold onto this.

Negotiator took just what the buyer's agent presented- the numbers crossed out and initalled by both parties.  He said it was ok and if they need more they will let me know Monday and will have an answer then on the counter.  I am shocked how fast this is moving now.

Permalink Reply by Kathleen Lordbock on November 18, 2011 at 7:22am

Good for you Tara- I always include the WF PA addendum as part of my associated docs along with other SS forms on our MLS systems for a particular  WF SS listing- so they include with their offer and it is done. Every state MLS system is different and our rules may differ.

Permalink Reply by Tara Samney on November 18, 2011 at 7:26am

Thanks Kathleen for all the info!

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