Can anyone explain to me what a fha disclosure amendatory clause means? I am dealing with a bank owned

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

property. Does this clause supersede the bank contract addendum. 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. Keep in mind I have not signed any documents at this point. I wanted to get professional opinion before signing any paperwork.

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Alma Kee, Agent, Tampa, FL
Tue May 4, 2010
FHA Amendatory Clause is easy to understand. Basically it says the house must appraise at or above the contract sale price. If it doesn't appraise you can get your deposit back.

Sounds like you are having buyer's remorse based on your other posts.
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