Home Buying in 92227>Question Details

Super_daddy_…, Home Buyer in 92227

I am signing an addendum after the seller reviewed my offer? What do I expect?

Asked by Super_daddy_jd, 92227 Wed Apr 6, 2011

Im cunfused about this this whole wome buying situation... Everything is moving so fast and I understand maybe 25% of what i'm actually told. It's very stressful.

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Yes it can be confusing & stressful. You should expect that your questions be answered until you are comfortable and have an understanding of what you are signing.

As far as the addendum goes, you can expect that if the seller signs it themselves, you have a contract. And the contract will give you a certain amount of time for your inspections, appraisal & loan contingencies. During your inspection time frame you will have the time specified to review all of the information provided by the seller & your agent.

Best of luck
2 votes Thank Flag Link Wed Apr 6, 2011
Super,

First, if you don't understand what's going on then you need to get clarification before you sign ANYthing else. There is too much on the line to be proceeding with a transaction you don't understand. You should have your agent explain things to you so that you understand, and if he/she is incapable of that then go to their broker for further explanation.

As far as the addendum, this is a commonplace occurrence to address things not clearly spelled out or covered in the purchase contract so there is no need for alarm that an addendum is coming, just make sure you know what you're signing.
1 vote Thank Flag Link Wed Apr 6, 2011
Great question. And try to relax!

To answer this question we need more info..

What kind of addendum are you signing?
What kind of sale is this (REO, Short Sale, Normal)?
Are you working with a real estate agent?
1 vote Thank Flag Link Wed Apr 6, 2011
Hi Super_daddy_

Thank you for posting your questions on http://trulia.com

I agree with the other answers to your questions and can attest that buying a home can be stressful unless you have a local real estate professional to help you through the process. With the help of a buyers agent, all of these items are explained as you go through the process and you at least have an understanding of what to expect as you go through them.

The sales process can move quickly, especially if your offer was accepted, which from the sounds of it may have been and you should be pleased since many offers are often beat out by multiple buyers trying to buy the same property.

There are different types of addendum documents and to speculate would be counter-productive, however if your offer was a for an REO, bank owned, foreclosure property, the typical addendum, usually several pages, becomes the final acceptance of your offer document and outlines all of the final terms and conditions of the sale.

Your buyers agent (real estate agent) should have covered these documents and explained what they mean.

If you don't understand what you're signing then you should sign anything. Ask your real estate agent to meet with you and review these items and have them explain them to you. If your real estate agent doesn't understand or doesn't want to review them with you, ask to speak to their broker, all California real estate agents work under a broker who is responsible for their actions.

Buying a home at this time is a great time since home prices are low and interest rates are low too, therefore see it through the end and you will have a great experience being a home owners for many years to come.

If you know others who need professional real estate assistance, please have them contact me at their convenience.

Thank you,

Sincerely,
Frederic Din, REALTOR(R)
"Your Imperial Valley Housing Specialist"
CA DRE Lic #01274420
info@ivforeclosures.com

Call: 760-235-4885
FAX: 760-259-2037

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0 votes Thank Flag Link Wed Apr 6, 2011
Are you working with a real estate professional? Ask questions. Do the same with your mortgage lender.
Once you sign the contract/addendums it is assumed that you understood what you were agreeing to.
It can seem complicated and overwhelming and stress is often inevitable. You may not have time to understand it all but you should be clear about what you are agreeing to, especially if the addendum supersedes items you agreed to in the original contract .
Your State Real Estate Board may have a detailed consumer guide on the agreement of sale on it's website.
All the best!
Nabila
0 votes Thank Flag Link Wed Apr 6, 2011
Need to know the content of the addendum? if it's an REO it could be a boiler plate form. If it's a traditional re-sale it could have to do with disclosures and or additional terms (similiar to a counter off er in some regard.
If you are represented by an agent - just slow down and ask questions. If you are buying direct from a developer or seller - same deal slow down and or get independant advise from the appropriate professional in your area. Any terms or additional info made to be part of the contract is important.
0 votes Thank Flag Link Wed Apr 6, 2011
This is a very stressful time from the time you put in an offer until you go to settlement. Hopefully, you have hired an experienced buyer's agent that is helping you thru this process. Addendums are used to change or clarify an offer. There are bank addendums, addendums to change dates, addendums to clarify who fixes what, and for whatever else happens to come up. There are too many reasons to list them all here. Talk to your agent and tell him/her that your stress level is making you feel very nervous and you need to get detailed explanations of everything. if your agent is unable or unwilling to help you do that, talk to the broker or ask your agent if someone else can better explain things to you. Don't stop asking until you understand everything you are asked to sign. It would also help you to repeat back everything you think the other person said, then write it down. Those 2 habits are good for everything, but especially when you are stressed.
0 votes Thank Flag Link Wed Apr 6, 2011
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