Great questions! You must be doing your research in order to purchase a new home. Special Addenda usually refers to the additional documentation (addenda) required by a corporate owner or bank-owner. This addenda usually explains/clarifies terms of the sales agreement - above & beyond the standard sales contract. The terms of the addenda usually override the standard wording in a sales contract. You need to be very careful in reviewing those terms prior to signing .... the terms often protect the seller's interest more so than the buyer. A Realtor can help explain the terms of required addenda for your understanding.
Offers submitted on AS IS FAR/BAR ........ this is the purchase agreement created by the Realtors & Board of Florida attorneys used in making an offer to purchase a property. AS IS - this contract restricts the buyer to an offer to purchase a property with the right to inspect. There is no obligation by the seller to make any repairs. Again, this is common in corporate owned or bank owned properties. These clients rely on the information provided by their respective hired agents. Corporate clients are usually at a disadvantage in the sales market & are just trying to get the house sold for the highest price in the quickest amount of time with the least amount of repair liability.
Please consult a mortgage specialist for questions about Reverse Mortgages. There are many conditions which buyers do not understand about this special loan product.
When I can be of further assistance, please do not hesitate to contact me. Have a fantabulous day!
Prudential The Property Place
Each individual home transaction may be a bit different. Contract Addendums may be required for various reasons. As example, we have an FHA addendum for an FHA mortgage, a homeowners association addendum if the property has an association and many others. Your Buyers Agent will explain every addendum and part of the contract to you. If he or she is not doing this, then you should get another opinion/agent. You should never sign any contracts you do not understand or that is not fully explained to you. Very Good Question.
Regarding the Reverse Mortgage product, they will take the oldest partner of the the husband or wife. Only one has to be at least 62 to quailify. I agree with others here, there are many qualifications for the reverse mortgage and much to understand. Please make sure you are working with a qualified Reverse Mort. Specialist. My company has a Mortgage Broker Associate that specializes in this mortgage product if you need another opinion. I encourage you to check around and compare Realtors and Mortgage Brokers before deciding on representation.
As a participating Realtor her, I would welcome an opportunity to provide additional help and or information if you need more help. You may click on my name here or simply visit my website to learn about my services and experience.
Thank you for the questions!
FAR/BAR 'AS IS' does away with the repairs that Realtors commonly refer to as Section's D (Wood Destroying Organisms) and N (Inspections And Repairs) that's the main difference. This form is typically required when and investor sells a property, when a foreclosed property is on the market or when a seller selling the property has never lived there and knows nothing of the overall condition.
Banks supply Special Addendum's for many reasons the biggest being they are selling properties in various States. In these States there are Real Estate companies with their own contracts and you also have the State approved contracts, Florida alone has the FAR and FAR/BAR and in these 2 groups along you have maybe a couple of hundred forms. Banks don't want to approve all these then keep up with them as they go through constant changes.
Hence the Banks step in with their own and much are a repeat to the language in the FAR/BAR 'AS IS' with a few added twist required by the Bank selling the property (Wells Fargo, Chase, Indy Mac etc...). I have seen a bunch with all the bank owned property I've sold; even some Short Sale properties have Special Addendums.
As for the Reverse I just referred a lady whose husband past but before he did he set her up with a reverse and with the property values down she wanted out to get out, he help her. Let me know if you want his name just click on my name next to my picture and you will be directed to my bio here on Trulia, look for my email and request the information.
Thanks for the question.
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Dave Lowe, broker
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Its an important question.You should get answer from any reliable reverse mortgage company. I have a reverse mortgage which name is reverse mortgage lenders direct. They are very helpful. You can get right answer from their by search.