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CONVENTIONAL FINANCING ADDENDUM The Contract of Sale dated , Address City , State Zip Seller Buyer amended by the incorporation of this Addendum, which shall supersede any provisions to the contrary
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hi I'm Annie Fitzsimmons I'm your Washington Realtors Legal Hotline lawyer in today's video is a discussion of form 22 a the financing addendum and the revisions to that addendum that took place in July of 2019 specifically the revision I want to talk about is to the appraisal provision associated with FHA VA and USDA loans and while those revisions have caused a lot of conversation and it seems to some confusion really nothing has changed in the loan programs that drove the revision of the form the form was revised in an effort to clarify what's required what's required of the parties only while the loan programs are constantly changing evolving what I'm trying to communicate to you is that the revision itself was not driven by changes in those programs if there's been changes in those programs you've got to talk to your buyers lender or your buyer needs to talk to their lender and figure out what the changes in those programs are what changed in the form was a requirement by seller to sign the amendatory clause required by FHA VA or USDA before the buyer can take the the loan here's where this here let me give you the background for why this was a change in the form at all always when a buyer takes a FHA VA USDA loan buyer must have sellers sign something called in a mandatory cause it's a goofy little provision honestly because it's signed typically at closing and what the language says is that if the appraisal comes in low buyers not required to close the transaction and the ridiculous part of this amendatory clause being signed at closing is that by the time we get to closing we all know whether or not sell buyers appraisal came in low and whether it came in low or not seller still has to sign this addendum but the problem particularly in a seller's escalating market is that we've had sellers get to the closing table realize that a requirement a buyers loan is seller signing this amendment or this addendum to the purchase and sale agreement realizing that it's a way for them to get out of the transaction or avoid the obligation of the purchase and sale agreement so that they can then turn around and sell to another buyer who's got a higher price and so sellers have in some cases refused to sign the entirely meaningless amendatory clause at closing preventing the FHA VA or USDA buyer from completing the transaction the revision in the form 22 a simply says seller you're agreeing by signing the form 22 a to sign and FHA VA or USDA a mandatory clause as required by buyers lender that's it that's all that it says it doesn't reflect any change in those programs that the requirement for seller to sign that a mandatory clause has been there all along it's still there but now the seller can't use the obligation to sign the amendatory clause as a way of escaping the transaction and selling to a higher-paying buyer if you have questions on form 22 a or any other form...