Tip 12-2009: Appraisal Addendum

Appraisal Addendum: I am suggesting the possibility of including a separate “Appraisal Addendum” for all conventional contracts. The Addendum should provide if the property does not appraise for the purchase price, that the Purchaser and Seller need to negotiate a new price based on the appraisal. There should be a time limit on the negotiation period, and any new negotiated price cannot be less than the appraisal. If the parties cannot agree on a new price, then either Purchaser or Seller reserves the right to terminate the contract. Please contact me at if you have any questions.


William D. Tucker, III
Tucker Griffin Barnes P.C.
434-973-7474
Tucker@TGBlaw.com
http://www.tgblaw.com/

Tip 11-2009: Listing a Short Sale

Listing a Short Sale: In listing a property for sale, the listing realtor is not allowed to disclose that the listing is a potential “short sale” without permission of the Seller. Because of the possible delays with short sale approval, I believe it is necessary and only fair that all parties, especially the buyer, understand that the purchase requires short sale approval. Accordingly, as part of the listing, obtain written permission to disclose the “short sale” and also assist the Seller with immediately starting the short sale application. I believe our local Board of Realtors (CAAR) is in the process of making certain changes and recommendations which will help with this problem. Please contact me if you have any questions.

William D. Tucker, III
Tucker Griffin Barnes P.C.
434-973-7474
Tucker@TGBlaw.com
http://www.tgblaw.com/