Why Most Buyers Skip Seeing Homes Under Contract But Not Past Inspection For the benefit of home buyers, sellers, and at least a few Realtors, herewith is a key explaining when home showings are still allowed under various MLS statuses (abbreviations in parentheses): “Active” (“A”): showings allowed (the more, the better!). “Active, Subject to Inspection” (“A,i”): depends...Read More
Real estate agents putting together deals this week have an extra challenge: getting the timeline in the Inspection Contingency right. The convention is for Buyers to do their inspection within five business days of Final Acceptance (when the Purchase Agreement is officially “signed, sealed, and delivered”). But with July 4 on Saturday this year, that...Read More
When the (Earnest Money) Check ISN’T in the Mail Normally, the Buyer’s earnest money check is due as soon as the Buyer and Seller have entered into a valid Purchase Agreement. However, I just handled a deal where the Buyer’s offer stipulated that the earnest money wasn’t due until after the Inspection Contingency had been...Read More
Inspection Contingency Catch-22 Like any contract, the Inspection Contingency — which governs the Buyer’s inspection timetable — can be amended if both parties agree. The most common amendment: a time extension to allow both sides to get more info about an inspection-related issue. The catch, though — especially if turnaround time is an issue with...Read More
The OTHER Reason to See a Home That’s “Sold, Subject to Inspection” The usual reason for prospective Buyers to see a “For Sale” home is . . . they’re interested in buying it. But, if the home in question is “Sold, Subject to Inspection” — that is, it’s already under contract, but not past inspection...Read More
Pre-Negotiating a Short Sale on MLS “Short sale professionally negotiated. Earnest money to be deposited and inspection contingency to be removed BEFORE the offer will be submitted to the lender for approval.” –“Agent Remarks”; MLS What’s the listing agent telling Buyers’ agents with the above language? (note: unlike “Public Remarks,” “Agent Remarks” are only intended...Read More
