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Richard Barr…, Real Estate Pro in San Diego, CA

To get seller to pay buyer closing cost do I use an addendum?

Asked by Richard Barragan, San Diego, CA Sun Sep 9, 2012

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Hi Richard,
An Addendum is used to add, remove or change a term(s) in a Contract. Normally you would address Seller paid closing costs up front in the Contract but if it didn't fit it or you were making athe change later it would be perfectly fine to use an Addendum form, a cocktail napkin or anything else for that matter. The important thing is that you and the Seller agree in writing.
0 votes Thank Flag Link Mon Sep 10, 2012
In Western Massachusetts we just add it to the offer to purchase when we write up the offer.
0 votes Thank Flag Link Sun Sep 9, 2012
In FL, any contribution to closing costs should be included in the terms and conditions of the contract itself, and generally not in an addendum.. Should the terms change after acceptance, an addendum would be appropriate.
0 votes Thank Flag Link Sun Sep 9, 2012
In Arizona we write it in the contract, an addendum would only be used after the contract was accepted by buyer and seller to amend terms in contract. California may be different...ask your Broker!
0 votes Thank Flag Link Sun Sep 9, 2012
This should be in the contract. However, if you already have a contract in place then you will need an addendum.
0 votes Thank Flag Link Sun Sep 9, 2012
Richard

Are you doing business in Arizona as well?

Your profile indicates San Diego and I'm just wanting to clearly understand what you are looking for.
0 votes Thank Flag Link Sun Sep 9, 2012
Also, ensure that you are aware of the maximum allowable sellers concession, from the Lender, for the specific loan type you are using.
0 votes Thank Flag Link Sun Sep 9, 2012
Yes, if you are already under an executed contract.
Or you can start from scratch with a new contract that includes everything.
If there's a lender involved; ask which they would prefer.
0 votes Thank Flag Link Sun Sep 9, 2012
Richard,
If this new term is not in the offer you have submitted, then you probably need either an addendum, or a counter offer, depending on where you are in the negotiations.
Your agent will be advising you on the right form, plus you will need the Buyer's lender approval of the new terms, too.
Good luck,
Steffy
Web Reference: http://www.talktosteffy.com
0 votes Thank Flag Link Sun Sep 9, 2012
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