If you are in the market to purchase a home, there’s a lot of competition right now since we are still in a sellers’ market. Buyers are having to submit offers to beat out the competition. One of the strategies we use is to submit a form titled Addendum Concerning Right to Terminate Due to Lenders Appraisal.
Options this addendum gives to homebuyers
This addendum gives buyers an opportunity to offer additional money above appraised value but still limit the risk of the buyer. There are three options on the addendum and honestly it can get a little tricky if your not familiar w this tool.
Complete Waiver
Partial Waiver
Additional Right to Terminate
Please ask your Realtor to explain this form to you in detail to give you a competitive edge. If you don’t have a Realtor, please reach out to us and we can definitely help you!
Addendum Form
Here is a preview of the Addendum Concerning Right to Terminate Due to Lender’s Appraisal form (2022). We’ve also added a direct link to the Texas Real Estate Commission (TREC) website where you can download the form.
