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.