264,754
That sounds like a question that might be specific to your local Florida market and practices vs. a national forum.
The default answer is "ask your broker".
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Lyn Sims
Schaumburg, IL
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John Juarez
Fremont, CA
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John Pusa
Glendale, CA
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Wanda Kubat-Nerdin - W...
St. George, UT
1,209,456
No paperwork required in florida? What about your state.
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John Juarez
Fremont, CA
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Susie Kay
Plano, TX
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John Pusa
Glendale, CA
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Wanda Kubat-Nerdin - W...
St. George, UT
-
Peter Mohylsky, Destin...
Miramar Beach, FL
420,003
There is no addendum needed. Perhaps the word "waive" is a misnomer. An appraisal waiver is when your loan is being sold to Fannie or Freddie and we have enough information about the house from prior appraisal records, public records and automated systems (couple systems) to decide that the loan to value requested can fit. Back end behind the Wizard of Oz's curtain there is an appraisal which borrowers do not pay for nor receive.
Note: blue man is not asking about a Borrower waiving appraisal contingency in a purchase contract he/she asks about an appraisal waiver by a lender
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Olga Simoncelli
New Fairfield, CT
-
Kathleen Daniels, Prob...
San Jose, CA
-
John Juarez
Fremont, CA
-
John Pusa
Glendale, CA
-
Wanda Kubat-Nerdin - W...
St. George, UT
509,449
I guess it depends on the state you are in and the content of your contract.
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Kathleen Daniels, Prob...
San Jose, CA
-
John Pusa
Glendale, CA
-
John Juarez
Fremont, CA
-
Susie Kay
Plano, TX
3,590,666
Depends on what state you are in. Here in AZ we have an Additional Clause Addendum that speaks to appraisal waivers and appraisal shortfalls - 2 different categories.
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Kathleen Daniels, Prob...
San Jose, CA
-
John Juarez
Fremont, CA
-
John Pusa
Glendale, CA
-
Wanda Kubat-Nerdin - W...
St. George, UT
3,142,169
No addendum necessary here in Utah. That is information shared between buyer and lender and only can affect the seller if property does not come in at appraisal.
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Kathleen Daniels, Prob...
San Jose, CA
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John Juarez
Fremont, CA
-
Susie Kay
Plano, TX
-
John Pusa
Glendale, CA
3,350,764
Depends on your state and how the contracts are written.
Check with your broker.
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John Pusa
Glendale, CA
-
Anna "Banana" Kruchten
Phoenix, AZ
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Kathleen Daniels, Prob...
San Jose, CA
1,847,911
Why isn't that on the pre-approval?
We would strike the 'subject to appraisal' part of the lending paragraph.
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Candice A. Donofrio
Fort Mohave, AZ
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Kathleen Daniels, Prob...
San Jose, CA
-
John Juarez
Fremont, CA
5,246,557
John Juarez has this one. Waiving the appraisal in the contract has no bearing on a lender waivintg the appraisal.
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Candice A. Donofrio
Fort Mohave, AZ
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Kathleen Daniels, Prob...
San Jose, CA
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John Juarez
Fremont, CA
1,326,624
Neither the buyer nor buyer' agent can "waive" an appraisal. The contract is between the buyer and seller and the lender is not a party to the contract.
It is possible to make an offer with no appraisal contingency but that is a different matter. That would be embodied in the offer and accompanied by a Contingency Release form for that specific contingency.
A lender needs to put a value on the property...the lender's collateral. If the lender waives a live appraisal, they will determine the value in another way. That does not guarantee that the lender's valuation will be sufficient to cover the purchase price
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Hella M. Rothwell, Bro...
Carmel by the Sea, CA
-
Kathleen Daniels, Prob...
San Jose, CA
-
John Pusa
Glendale, CA
4,182,708
It depends on your area that can have specific addendum.
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Kathleen Daniels, Prob...
San Jose, CA
-
John Juarez
Fremont, CA
-
Susie Kay
Plano, TX
1,555,100
Both...it's written into the offer by simply checking a "non-contingent box" and there's a contingency removal form which is redundant to this RPA feature, but required in CA by Big Block Realty.
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John Juarez
Fremont, CA
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John Pusa
Glendale, CA
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Thomas J. Nelson, REAL...
La Jolla, CA
1,507,073
In California the purchase agreement has a checkbox for "This offer is NOT contingent on a written appraisal" (or something along those lines). There are other things you can do as well to make it more visible, but that's the main one.
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Kathleen Daniels, Prob...
San Jose, CA
-
John Juarez
Fremont, CA
1,432,717
In Arizona we have the additional clause addendum through the Arizona Association of Realtors we use for the appraisal waiver. Jeff
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Anna "Banana" Kruchten
Phoenix, AZ
-
John Juarez
Fremont, CA
6,426,155
What state are you in and what is your broker's suggestion?
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John Juarez
Fremont, CA
-
Susie Kay
Plano, TX
381,787
never had a lender give permission. Buyers have waived house having to appraise at purchase price, but are paying the difference out of pocket.
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Hella M. Rothwell, Bro...
Carmel by the Sea, CA
7,871,831
1,057,674
No specific addendum for this and it has been happening a lot lately ... for buyers coming in with large down, that's been going on for a long time, 10+ years. We NEVER advisethe buyer to waive appraisal but if the lender is not requiring one . . . as long as buyer is happy we are happy. And we review comps REGARDLESS and advise if they are consciously overpaying for market. IF the property is significantly over market . . . we'll execute an addendum that says buyer is aware and accepts it!
Just like if a seller wants to overprice . . . seller is aware Broker advises a list price below Seller's directed dollar amount.
717,185
This all depends on the state you are located and the forms you use. In Orgeon, this verbiage is written into the contract in the financing section typically.
3,864,791
On the few occasions when the lender waived the appraisal, there was no additional paperwork for me. I would love to see it happen more often!
If the buyer waives the appraisal...well that's a different story and there does need to be additional paperwork.