Addendum # 1 FHA APPRAISAL
THIS IS A LEGALLY BINDING CONTRACT. IF NOT FULLY UNDERSTOOD, WE RECOMMEND CONSULTING AN ATTORNEY BEFORE SIGNING.
ADDENDUM TO CONTRACT FOR PURCHASE AND SALE
OF REAL ESTATE BETWEEN
Regarding the property located at:
It is expressly agreed that, notwithstanding any other provisions of this Contract, the Purchaser
shall not be obligated to complete the purchase of the property described herein or to incur any
penalty by forfeiture of earnest money deposits or otherwise unless the Purchaser has been given
in accordance with FHA requirements a written statement issued by the Federal Housing
Commissioner, Veterans Administration or a Direct Endorsement lender setting forth the
appraised value of the property of not less than $ , The Purchaser shall have the
privilege and option of proceeding with consummation of the Contract without regard to the amount of
the appraised valuation. The appraised valuation is arrived at to determine the maximum mortgage the
Department of Housing and Urban Development will insure. HUD does not warrant the value nor the
condition of the property. The Purchaser should satisfy [himself/herself] that the price and the condition
of the property are acceptable.