Rewrite Purchase Contract?

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  • #47484

    So we thought we weren’t gonna go through NACA, and changed our mind. But we’ve already signed a purchase contract. (New build that won’t be done until July.) Our realtor has already completed the NACA course for realtors.

    We managed to get in to see NACA next week. We had already done our intake and were only waiting on my husband to be at his job 30 days.

    Would it be possible to just rewrite the Purchase Contract once we are NACA Qualified?

    #47487
    TTrumble
    Member

    Hello knikoleellis,

    That’s actually a question to ask the seller. Howver, it’s much more likely that whatever changes need to be made to the Purchase and Sale Agreement will simply be included in an addendum to the original agreement.

    In fact a total re-write of a P&S may be prohibited by law in some states and all changes MUST be done by means of an addendum. Any of our realtor members care to verify that for me?

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #47640

    Thanks Tim! We went to the office last week and they told me they didn’t think underwriting would approve us if we were already in contract so I talked to my realtor and the builder voided the original contract, and is gonna write a new one. We’re just going to keep the escrow money with the law firm.

    It worked out great!

    #47676
    TTrumble
    Member

    Hello knikoleellis,

    Glad it worked out!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

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