Comments on: Recent Changes to the Regional Sales Contract, the VA and FHA Financing Addendum http://faarforum.com/2009/04/recent-changes-to-the-regional-sales-contract-the-va-and-fha-financing-addendum/ Fredericksburg Area Association of REALTORS® Fri, 04 May 2012 21:02:19 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Jaxon http://faarforum.com/2009/04/recent-changes-to-the-regional-sales-contract-the-va-and-fha-financing-addendum/comment-page-1/#comment-588 Jaxon Mon, 11 Apr 2011 22:54:00 +0000 http://faarforum.com/?p=344#comment-588 It's spooky how clever some ppl are. Thnkas! It’s spooky how clever some ppl are. Thnkas!

]]> By: Jeffrey Whiting http://faarforum.com/2009/04/recent-changes-to-the-regional-sales-contract-the-va-and-fha-financing-addendum/comment-page-1/#comment-244 Jeffrey Whiting Fri, 28 Aug 2009 11:53:51 +0000 http://faarforum.com/?p=344#comment-244 I have a question regarding paragraph 4 of the new NVAR-K1339. It reads "4. SELLER SUBSIDY/SELLER LOAN CHARGES: Based upon the financing terms specified in this contract, Seller will pay at settlement $__________________ toward Buyer’s charges (including but not limited to loan origination fees, discount points, buy down or subsidy fees, prepaids or other charges as allowed by lender). The total amount of any lender charges which cannot by law or regulation be charged to Buyer will be paid by the Seller. These charges will first be deducted from any Seller credit, and the remaining balance of the Seller credit, if any, will then be applied to Buyer’s other charges. Buyer will pay all remaining Buyer’s charges. It is Buyer’s responsibility to confirm with his lender that the entire credit provided herein may be utilized. If lender prohibits Seller from the payment of any portion of this credit, then said credit shall be reduced to the amount allowed by lender." While titled Seller Loan charges, does this mean that seller monies can be applied to most of the buyer's closing costs? I have a question regarding paragraph 4 of the new NVAR-K1339. It reads
“4. SELLER SUBSIDY/SELLER LOAN CHARGES: Based upon the financing terms specified in this contract, Seller will pay at settlement $__________________ toward Buyer’s charges (including but not limited to loan origination fees, discount points, buy down or subsidy fees, prepaids or other charges as allowed by lender). The total amount of any lender charges which cannot by law or regulation be charged to Buyer will be paid by the
Seller. These charges will first be deducted from any Seller credit, and the remaining balance of the Seller credit, if any, will then be applied to Buyer’s other charges. Buyer will pay all remaining Buyer’s charges. It is Buyer’s responsibility to confirm with his lender that the entire credit provided herein may be utilized. If lender prohibits Seller from the payment of any portion of this credit, then said credit shall be reduced to the amount allowed by lender.”

While titled Seller Loan charges, does this mean that seller monies can be applied to most of the buyer’s closing costs?

]]> By: Suzanne Brady http://faarforum.com/2009/04/recent-changes-to-the-regional-sales-contract-the-va-and-fha-financing-addendum/comment-page-1/#comment-168 Suzanne Brady Thu, 23 Apr 2009 15:46:33 +0000 http://faarforum.com/?p=344#comment-168 Michele - Thank you for your very clear, concise explanation of the form changes. Personally I am a HUGE advocate of one standard set of Virginia forms. Regional clauses can be added as necessary. Different forms for different regions is simply a moneymaker for those regional associations. Standard formers unite! Michele – Thank you for your very clear, concise explanation of the form changes. Personally I am a HUGE advocate of one standard set of Virginia forms. Regional clauses can be added as necessary.
Different forms for different regions is simply a moneymaker for those regional associations. Standard formers unite!

]]>