Some people are having issues using the option contract with a few banks.
The alternative is using the standard realtor state contract and adding an addendum with specific clauses that basically give you the same leverage as the option contract. But, this standard contract is much more bank-friendly.
So for those who use an addendum, can you please list the clauses that you use, such as the following two that were submitted by Michael Quarles on a previous post:
XV. RESELL: Seller authorizes the Buyer to enter into a sales agreement to resell the property during this escrow period. Seller is aware that Buyer intends on reselling the property for a HUGE PROFIT. All profits made by Buyer during this transaction relating to the reselling of the property are the sole interest of and solely owned by the Buyer.
XLVII. MARKETING: Seller authorizes Buyer to market property during escrow for Buyers benefit. Marketing is defined as, but not limited to, placing the property for sale in the Real Estate Multiple Listing Service (MLS), advertising in the Newspaper or other periodical, and placing a for sale sign on the property.
For A-B, B-C transactions:
What are some other disclosures that are being submitted to the Bank A?
How about disclosures to Bank C?