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Realtors Association of New Mexico Addendum to Purchase Form

Realtors Association of New Mexico Addendum to Purchase Form

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[Music] [Music] hello i'm ashley strauss-martin general counsel for the new mexico association of realtors and today i'm here to talk about a new form form2114 the appraisal contingency waiver addendum as you all know the last 18 months have been a little crazy the market has been very competitive for buyers and as a result buyers are doing what they can to make their offers stand out and this includes offering over list price and waiving contingencies currently we do not have a form that simply waives the appraisal contingency this form does that but it also gives the party some other options the other issue that we're seeing quite frequently is appraisals that are coming in low in most cases neither the listing broker nor the sellers anticipate this is going to happen so they're not planning for it for example the seller doesn't want to sell below 250 000 the buyer offers 250 000 or 5000 over the appraisal whichever is less and both the listing

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