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Old 05-18-2010, 07:23 PM
1 posts, read 5,096 times
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We offered a house on April (contract date )and try to close it in May 3rd week.but the bank appraisal value is $1000 less with our offered value.(for example : we offered $250k,bank appraial value for the house is $249K).The builder accept to reduce the house price to appraisal value,and ask us to sign the addendum(Form 34,and with new purchase price $249).will it change the contract date? and also i want to know how it's work with the home buyer tax credit.Now if i sign one more addendum in May 2nd week,the home buyer tax credit is applicable or not?
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Old 05-18-2010, 07:56 PM
Location: Jacksonville, FL (Mandarin)
2,254 posts, read 4,728,964 times
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I wouldn't think it would modify the contract date, just a term of the agreement (the purchase price). Ask your real estate attorney, to be sure. And, I wouldn't think it would change anything with the tax credit, either, but certainly check with your CPA on that.

This just goes to show you how TOUGH the lenders (and appraisers) are being on underwriting these days. $1,000 off? Really? Man, what a bunch of extra work created over that $1k.
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Old 05-18-2010, 08:40 PM
Location: Tempe, Arizona
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Eric is right, the original contract date will remain in place. The addendum just changes the price. If you executed the original contract before April 30, then you are still eligible assuming you meet all other credit requirements.
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