Aun and McKay Law Firm
Is the door you are opening an Opportunity or an Obstacle? Andy Aun, with Aun and McKay Law Firm, addresses this issue and much more on today’s Success in Real Estate Show. Homebuyers applying for FHA or VA financing should understand that the Contract of Sale must include addenda that could become substantial obstacles if one does not have competent representation. Andy Aun is not your typical real estate attorney. In addition to closing loans for real estate, Andy is also a trial lawyer. Andy Aun provided training to real estate agents and the public by giving advice and suggestions on avoiding closing pitfalls for homebuyers and home sellers as well as avoiding unnecessary liability for South Carolina Real Estate Agents.
This months “Out of the Box Marketing Seminar”, will cover issues such as:
· Understanding the Key Differences between our contract of sale and the Government imposed Contractual Addenda
· How these differences impact the lender’s ability to qualify your deal
· To what extent are the governmental addenda negotiable
FHA and VA loans are Government Loans that add additional stipulations to the agreement (contract of sale) between buyers and sellers. These stipulations include;
1) These addenda require the homebuyer to pledge whether they will live in the home or not.
2) 2) If applying for a VA loan, the property must have a Certificate of Reasonable Value (CRV) that indicates the sales price does not the market value (CRV). Although the VA offers 100% financing, the VA will not loan more than the CRV amount. If applying for FHA financing, the sales price cannot exceed the appraised value. If the property does not appraise for the purchase price or more, the buyer may walk away from the contract and have all earnest monies returned.
3) Seller must agree to repair or replace all defects noted on the appraisal. 4) Seller must provide buyer a termite inspection (CL-100 Letter) and repair any necessary damages caused by termites.
4) Seller must agree to pay for certain buyer loan related closing costs.
Please find the Seminar Flyer attached below for dates and times.
Anytime you are considering buying a new home or refinancing your current home, I recommend you speak to a lender that you or your agent knows and trusts. One lender you will be glad you spoke to is Erica West, with New American Mortgage. Erica is an expert in all loan programs as well SC down payment Assistance Programs. If she knows another lender can provide a better product, she will be the first to suggest you speak to them. Erica will go out of her way to protect your best interest. You can reach Erica by calling (803) 528-5019.
If you are interested in getting your South Carolina Real Estate License, we would love to have attend our Real Estate School For Success. We will train you to not only pass the state exam, but also teach you how to build a lucrative career in the Real Estate Industry. We also offer many other licensing courses such as Property Manager, Appraiser, Home Inspector, etc. The Real Estate School For Success is an approved MyCAA provider, which allows for many military spouses to take all classes at no charge. Give us a call for details. You can also receive a 10% discount on any class by entering the promo code below when you register on line at the Real Estate School for Success.
Discount/Promo Code is: Government loans
Seminar.bmp (1.98 mb) Seminar Flyer
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