My buyers did not qualify for a loan to purchase the house we gave an offer for. 5 days shy to the closing date, the bank declines the loan. Can we add a third person onto the ps using an addendum. If that works we will add the same person on their mortgage..... Please help. This is my first transaction. Any suggestion would help.
Cheers|||You're supervising broker should be helping you with this.
Yes, you can add a person to the purchase agreement with an addendum if the seller agrees. However, the purchase agreement is detailed for how the deed is made out. Do your buyers intend to share ownership with this 3rd person? If not, you can have people on the mortgage that are not on the deed.
If they will be sharing ownership, the addendum would read something like:
Per the contingencies required for financing, the buyers shall be X a single person and Y a married couple. All other terms and conditions shall remain the same.
Then get the sellers to sign off and your new purchaser to sign as well as sign and disclosures.
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