Monday, August 26, 2013

On The Way To Closing .....

The sellers accepted the low appraisal, the builder raised the price to compensate for upgrades, or we reduced the price to compensate for repairs.  All are possible options as we work with clients through the details from contract to closing.  Here's a reminder:  any change in the sales price or other purchase terms needs to be documented in writing.  

Please use the Agreement to Amend Contract (form 330T) signed by both sellers and buyers to make any change in price, closing dates, closing costs or other important items.  This step protects the best interests of our clients by documenting the changes and keeping us in compliance for full disclosure to lenders regarding terms.  

Please be sure to provide the amendments to your office Angel for inclusion in the file.  If your reviewing BIC finds that the closing sales price does not match the contract sales price AND that the amendment is not in the file, then your commission will be held up until resolution. Ain't nobody got time for that!