Contracts & Contingencies
Buyer misses the earnest money deadline by 3 days.
What is give 24 hours notice or terminate?
Home inspection reveals mold in the crawl space
What is - depends on the level and if it can be remedied
Foundation shows minor settling, inspector says it's common for the area
What is - a) challenge the appraisal
b) agree to most likely meet in the middle
Seller didn’t disclose a previous flood in the basement
What is -
a) ask to terminate based on non-disclosure
b) move forward not know if they didn't disclose anything else
Buyer ghosts communication for 5 days during due diligence
What is - try to reach them everyway possible and see if you have an emergency contact - drive to their home
Seller refuses to make agreed-upon repairs listed in the contract
What is
a) ask for credit to get to closing or b) terminate
Roof has 3 years of life left, buyer demands full replacement
What is - NO WAY - time to terminate
Buyer switches lenders mid-transaction
What is - most likely all is okay as long as it doesn't effect closing
Buyer’s agent overhears confidential info from listing agent.
What is - NOT GOOD
Seller refuses to vacate the property by closing
What is - ???
Buyer adds a home sale contingency after contract is signed
What is- Up to the seller is they want to accept and move forward or terminate
HVAC system is 20 years old but still functioning
What is - move forward and if you are the seller maybe offer a home warranty for piece of mind
Buyer’s loan approval is delayed due to missing documents
What is - up to the seller if they want to move closing out
Seller wants to accept a backup offer while under contract
What is - seller has every right to do so and should make the buyer aware
Buyer wants to bring in 5 contractors before making a decision
What is - up to seller to allow
Seller changes closing date without buyer’s consent
What is - NOT okay, all parties must agree
Termite damage found in a non-structural wall
What is - let's make sure we can remedy
Buyer’s debt-to-income ratio is borderline
what is - ask for a preapproval instead of a prequalification
Buyer wants to offer cash under the table to “sweeten the deal"
what is - depends on how desirable the property is but is certain markets, cask makes no difference.
Seller is emotionally attached and keeps changing terms
What is - shoot me - this is the worse...
Buyer wants to renegotiate price after contract is signed due to cold feet
What is - everything is negotiable at any point as long as both parties agree.
Or the buyer can terminate.
Foundation shows minor settling, inspector says it's common for the area
What is???
Buyer wants to use gift funds but hasn’t documented them properly
What is - could delay closing but press the buyers agent to get these to the lender ASAP.
Agent discovers the property was misrepresented in MLS
What is - bring to the attention of the list agent as soon as possible so they can rectify
Buyer is making demands outside of contract terms
What is - make sure they know we will only focus on the details of the contact