My realtor is preparing an offer on a house and says that if we go conventional (not FHA or VA), I can be responsible for amount over the appraised price if Seller does not want to accept lower appraisal value. If this is true, what does the following paragraph mean from the third party addendum? It is from section B. Approval of Financing part 2. \"Property Approval: Property Approval will be deemed to have been obtained when the property has satisfied lender\'s underwriting requirements for the loan, including but not limited to appraisal, insurability and lender required repairs. If Property Approval is not obtained, Buyer may terminate this contract by giving notice to Seller before closing and the earnest money will be refunded to Buyer.\" \nI\'m only putting down 10%. The amount That I\'m offering is at the top end of the RVM estimate range but below asking. I would go a few thousand higher, but not without bank financing and I don\'t wish to loose the earnest money.

Hi Melodie, first be careful that the contract and financing addendum reflect the correct 10% down payment and that you and your lender agree you are pursuing a 90% loan. This way if the property appraises for less than the contract purchase price, the property will definitely have not “satisfied lender’s underwriting requirements for the loan”. And if this happens, it becomes your choice to terminate the contract and get your earnest money back. There are no timeframes or deadlines associated with the “Property Approval” section of this addendum. So even if you learn of a low appraisal late in the process, you are still able to get your earnest money back.\n\nObviously if you exit, you still have lost option fee, inspection fees, likely loan app fee, and a lot of time. So you might consider three other options before you exit. If you have enough cash to still satisfy lender’s cash reserves requirement, you can pay the difference between the appraisal and purchase price yourself. This happened a lot in the crazy seller’s markets between 2011 and 2014. A second possibility is to negotiate with the seller a middle ground where you bring some additional cash, and the seller will settle on a lower price. Lastly, if it’s a deal killer for you, let the seller know. They might be willing to sell at the appraised price.\n

Is there any report which I can run on HAR which will display how long it took for houses to sell in a specific neighbor

Ditto about the polygons. Polygons and mapping are among the most powerful new features of matrix. Also check out the \"Legal Subdivision\" field. Start typing a subdivision and viola! Legal Subdivision is auto-populated, so much less user error (Thank you NATHAN GOBLE). Go to \"Results\", then go to the Actions bar below the results to \"Stats\" (select \"tabular\") for quick n dirty DOM, price and more.

The effective date is the date all parties sign. What date do you start counting as day one?

Think of a one day option period. Parties sign today, option ends tomorrow 5pm. Seven day option, if today is Saturday, option ends 5pm next Saturday. Key is communication, so send an email to your coop at contract to the effect, \"hey, by my count the buyer\'s option ends next Saturday the 19th 5pm, same?\" Two articles give more.

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Keith Burrhus is a licensed Texas Broker practicing real estate in Houston and surrounding areas. He is the owner and managing broker of Village Property Advisors, which is located on the Katy Freeway at Beltway 8, the population epicenter of the Greater Houston area.

With over 20 years of experience, he and his top associates sell properties from the Memorial Villages, Spring Branch, West University, Bellaire and Galleria markets to Sugar Land, Katy, Cypress, and beyond. The extraordinary market reach of Village Property Advisors provides clients and associates with strong insights on market trends throughout the area.

Please visit us at www.vpatx.com, www.HoustonHomesDirect.com, or www.FortBendHomes.com for a comprehensive look at available properties throughout our area.

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Listings by Keith Burrhus & Prior Sales

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4004 Feagan St A

Houston, TX 77007

$450K

Active

3 beds

3 baths

2,273 sqft.

62 Acres Fm-937

Groesbeck, TX 76642

$399K

Active

62.090 acres

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Sold: 04/10/2026

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111 Laurel Oaks

Bastrop, TX 78602

$140K - $160K

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4 beds

3 baths

2,174 sqft.

Sold: 08/01/2025

Represented: Seller

5902 Old Lodge Dr

Houston, TX 77066

$325K - $370K

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4 beds

2 baths

3,278 sqft.

Sold: 07/18/2025

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617 Harrell Cementary Rd

Coldspring, TX 77331

$947K - $1.08M

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3 beds

2 baths

2,118 sqft.

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Rented: 04/05/2026

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15326 Knotty Chestnut St

Cypress, TX 77429

$0 - $10K

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5 beds

2 baths

2,600 sqft.

Rented: 09/01/2023

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20431 White Poplar

Katy, TX 77449

$0 - $10K

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3 beds

2 baths

1,585 sqft.

Rented: 08/19/2023

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2631 Brazos Ridge Dr

Sugar Land, TX 77479

$0 - $10K

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5 beds

4 baths

3,606 sqft.

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294 Sugarberry Cir

Houston, TX 77024

$432K

Active

2 beds

2 baths

1,838 sqft.

Rented: 04/05/2026

15326 Knotty Chestnut St

Cypress, TX 77429

$0 - $10K

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5 beds

2 baths

2,600 sqft.

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Keith Burrhus with Village Property Advisors is a real estate professional in TX. View Keith Burrhus' bio, Listings by Keith Burrhus, Neighborhoods where Keith Burrhus is active and more. You can contact Keith Burrhus by clicking the button below.

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