6 ways your real estate sale can go off the rails
05/16/2014 | Author: Marty Kramer
Selling your property is difficult enough when everything goes exactly as planned. Unfortunately, complications are more of the rule than the exception. Here are six hypothetical scenarios that provide an idea of how transactions can start to come apart:
The buyer has to sell his home first
A buyer adds an addendum to the contract offer that says buying your home is contingent on him selling his home. You accept that offer, and then other buyers express interest in your house. Can you ditch the first buyer? Make him remove the contingency?
The inspector found what?
You've lived in your house a long time but had no idea the master bedroom remodel didn't have the proper permitting. Or maybe the inspector came across a potential problem with the foundation or the roof. What's your next step?
The appraisal is low
The appraiser says your home is worth $20,000 less than the buyer agreed to pay for it. Now the buyer wants to renegotiate. Do you have to lower your price to match the appraisal? Is the buyer still obligated to buy your home at the original price?
The buyer wants more time to think it over
The deadline for the buyer's termination option is coming up, but the buyer wants an extension. Should you grant it?
The lender will make the loan ... if
The buyer's lender will only approve the buyer for a mortgage if electrical repairs are made to the property. Who is responsible for arranging and paying for those repairs? And does this give the buyer the right to terminate the contract?
What do you mean we're not closing on that date?
You were planning to fly to Portland for your niece's wedding the day after closing your sale, and now the closing is delayed a few days. How is that going to work? You can't miss the wedding.
There are many other problems that can unravel a sale. Fortunately, your Texas REALTOR® has seen it all. He or she can keep things on track and prevent some situations from occurring in the first place. Your REALTOR® will explain your options and make sure your transaction proceeds as smoothly as possible.
The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.
While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on texasrealestate.com. Any legal or other information found here, on texasrealestate.com, or at other sites to which we link, should be verified before it is relied upon.
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