Home Buying in 98059>Question Details

Snkl, Home Buyer in Richmond, VA

Adding new addendum with exisiting offer.

Asked by Snkl, Richmond, VA Tue May 18, 2010

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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Additional addendums are added all the time. They do not affect the mutually accepted date or when your contract was delivered to escrow. You are fine!
0 votes Thank Flag Link Sat Jun 19, 2010
The homebuyer credit is based on mutually accepted offers signed prior to April 30, 2010. An addendum does not change the mutually accepted date of the contract.
0 votes Thank Flag Link Fri Jun 18, 2010
An addendum to the contract does not change the contractual date effectiveness, therefore if the contract was executed, signed by all parties, on or before April 30, 2010, you will be eligible for the tax credit.
0 votes Thank Flag Link Tue May 18, 2010
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