{"id":11762,"date":"2010-04-13T14:41:34","date_gmt":"2010-04-13T21:41:34","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=11762"},"modified":"2010-04-18T08:34:02","modified_gmt":"2010-04-18T15:34:02","slug":"fha-va-tip-the-amendatory-clause","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/11762\/fha-va-tip-the-amendatory-clause\/","title":{"rendered":"FHA\/ VA Tip: The Amendatory Clause"},"content":{"rendered":"

Here’s a tip for real estate agents, when presenting an offer with FHA\u00a0 or VA financing; include the FHA\/VA Amendatory Clause to the Purchase Contract as part of the offer.\u00a0\u00a0 You’ll save you, the seller’s agent, the escrow company, the lender, and most importantly your buyer, a lot of last minute headaches.<\/p>\n

You can download a copy of a templated form here<\/a>.\u00a0 Most lenders will accept this templated form.\u00a0 If you don’t know the agency case number, etc, don’t worry about it.\u00a0\u00a0 The most important thing is to get the property address, the buyers’ and sellers’ names and the final contract price on the form.<\/p>\n

Why the VA Amendatory Clause doesn’t need to be a “deal killer” <\/a> for the appraisal contingency clause of a contract:<\/p>\n

Contractually, the VA amendatory clause portends a 21-day appraisal contingency period for VA loans.\u00a0 Pragmatically, the appraisers and underwriters complete their work prior to time limits making the 17-day appraisal contingency of the RPA feasible.\u00a0 What that means to real estate agents is that it is conceivable that the appraisal contingency MAY have to be extended to 21 days if things go absolutely wrong but that the 17-day contingency period is reasonable for VA loans.<\/p><\/blockquote>\n

QUESTIONS AND ANSWERS:<\/strong><\/p>\n

From a Zillow Consumer<\/a>:<\/p>\n

Who must sign the Amendatory Clause? <\/strong> Two good answers were offered:<\/p>\n

by Brenda Zabriskie:\u00a0 Buyers, sellers, listing agent, and selling agent.\u00a0 I usually scan it into my computer and send it off to the other Realtor who usually scans it again and sends it back to me.\u00a0 I’ve never had a problem with having to have originals.\u00a0 I guess it depends on which bank you are dealing with.<\/p>\n

by Timothy Sutherland:\u00a0 It depends also on the entity selling.\u00a0 <\/strong><\/em>You don’t need it if it’s a bank owned property an FHA\/VA\/Fannie\/Freddie sale.<\/p><\/blockquote>\n

From another Zillow consumer<\/a>:<\/p>\n

If I’m planning to use an FHA loan, can I order an appraisal in advance?<\/strong> Two good answers:<\/p>\n

by Greg Darlin:\u00a0 Yes, you can order an appraisal but you will be wasting your money.\u00a0 If you order the appraisal on your own, it will be Read more<\/a><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Here’s a tip for real estate agents, when presenting an offer with FHA\u00a0 or VA financing; include the FHA\/VA Amendatory Clause to the Purchase Contract as part of the offer.\u00a0\u00a0 You’ll save you, the seller’s agent, the escrow company, the lender, and most importantly your buyer, a lot of last minute headaches. You can download […]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,5],"tags":[],"class_list":{"0":"post-11762","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-lending","7":"category-real-estate","9":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":17943,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/17943\/can-you-waive-an-appraisal-when-purchasing-with-a-va-mortgage\/","url_meta":{"origin":11762,"position":0},"title":"Can a veteran buyer waive an appraisal when purchasing with a VA mortgage?","author":"Brian Brady","date":"March 8, 2021","format":false,"excerpt":"Welcome to 2021 where offers are made above listing price and, to win the deal, the buyer waives the appraisal.\u00a0 When I was hired as a listing broker, I was able to get two of the offers to waive the appraisal by asking their respective lenders to run the desktop\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16310,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/16310\/if-the-condominum-is-not-va-approved-how-do-i-get-a-va-home-loan-offer-accepted\/","url_meta":{"origin":11762,"position":1},"title":"If the condominum is not VA-approved, how do I get a VA home loan offer accepted?","author":"Brian Brady","date":"April 4, 2013","format":false,"excerpt":"Many veterans in California purchase properties which are classified as condominiums.\u00a0 Some are large complexes, with professional HOA management, some are small complexes (under 6 units) with no monthly HOA fee and an informal cost-sharing agreement, and some are townhomes.\u00a0 All share on thing in common--they are listed on the\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16011,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/16011\/you-say-you-want-a-revolution-here-is-how-to-restore-freedom-in-america\/","url_meta":{"origin":11762,"position":2},"title":"You say you want a revolution? Here is how to restore freedom in America.","author":"Greg Swann","date":"June 29, 2012","format":false,"excerpt":"Will Republicans repeal Obamacare next January -- or ever? Don't hold your breath. Mainstream politicians of both parties are addicted to corporate campaign contributions -- and who knows what other kinds of bribes? -- so what we will get will be a pathetic, cosmetic \"reform\" of Rotarian Socialist medicine. Meet\u2026","rel":"","context":"In "Egoism in Action"","block_context":{"text":"Egoism in Action","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/egoism-in-action\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10953,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10953\/its-not-enough-for-the-tea-party-movement-to-throw-the-bums-out-to-contain-the-federal-government-we-have-to-cut-its-powers\/","url_meta":{"origin":11762,"position":3},"title":"It’s not enough for the tea party movement to throw the bums out. To contain the federal government, we have to cut its powers.","author":"Greg Swann","date":"August 7, 2011","format":false,"excerpt":"[Back to the top from January 21, 2010. --GSS]\u00a0 What a delight it is that the citizens of Massachusetts have risen up against the federal leviathan. All across the country, the tea party movement is furiously aboil, angry Americans anxiously awaiting the opportunity to pull some levers in a voting\u2026","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7456,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/7456\/bloodhoundblog-radio-va-home-loan-tutorial-for-california-realtors\/","url_meta":{"origin":11762,"position":4},"title":"BloodhoundBlog Radio: VA Home Loan Tutorial For California REALTORS","author":"Brian Brady","date":"March 11, 2009","format":false,"excerpt":"I recorded this webinar on March 11, 2009. The AUDIO IS HERE and will open in a new window.\u00a0 Listen along and click through the links as I discuss them: The zero-down loan limits for California counties How a purchase price, above the VA loan limit, might not require a\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16545,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/16545\/my-ideal-closing-date-is-always-yesterday-the-perfect-real-estate-listing-in-the-reckless-teenage-years-of-the-new-millenium\/","url_meta":{"origin":11762,"position":5},"title":"My ideal closing date is always yesterday: The perfect real estate listing in the reckless teenage years of the new millenium.","author":"Greg Swann","date":"October 1, 2017","format":false,"excerpt":"On Facebook of late I\u2019ve written about the idea of the perfect offer \u2013 the sum total purchase contract package most likely to win the de facto auction I am holding for my real estate listing. 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