Question Details

Michael Moor…, Home Buyer in Orlando, FL

What is a fha disclosure amendatory clause? Does this clause supersede the bank contract addendum?

Asked by Michael Moorman Jr., Orlando, FL Tue Mar 31, 2009

Michael Moorman...
Home Buyer
Orlando, FL
I am being asked to give a non-refundable deposit. I have already conducted a home inspection prior to signing the contract. The bank is now stating that I no longer have any contingencies since completing the inspection prior to signing the contract. I know that I still must have an appraisal and the property will need additional work outlined in the inspection. Does this amendatory clause come into play to protect me as the buyer should I decide not to move forward after the appraisal if I cannot come to terms with the seller in regards to the work needing to be completed noted from the inspection or negotiating the price of the home. Would I lose the deposit or does the clause allow a time period for me to make the decision to move forward or back out. I have not signed any documents at this point. I wanted to get professional opinion before signing any paperwork. I used the broker/listing agent for the bank and his realtor-big mistake.

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1
If the property value is less than the purchase price, then yes you are protected and can walk away.
1 vote Thank Flag Link Thu May 7, 2009
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