Check out their credentials to see if they have the knowledge and experience to be giving such advice and always check more than one source. Legal advice can only be given by an attorney so avoid taking advice of just anyone. I don't use BRAs as an agent.
My business comes from referrals and value added features of my service. I personally feel those who have to use, and try and enforce them are doing a disservice to their clients. Give them a reason to use you, and they won't have to be bound to do it. Lock We hate spam just as much as you. If you signed up for BiggerPockets via Facebook, you can log in with just one click!
Log in with Facebook. Full Name Use your real name. Password Use at least 8 characters. Using a phrase of random words like: paper Dog team blue is secure and easy to remember. All All. Menu Menu. Recommended Vendors. Real Estate Books. Featured Book. Get the Magazine. Search Nova. Log In Sign up. Create post. A: The quickest answer? Don't sign one! Rotate Log in or sign up to reply. Therefore: I think it is better to talk with the agent first. Find yourself a women's libber - they burned bras back in the day :.
Greg, How sad it is that your post has been here over a year and no one has commented on it. Mark Minchew, Broker. Free eBook from BiggerPockets! Download the eBook Now. However, most of the time, the buyer and the listing agent will accept payment for their expenses and move on.
For the listing agent, this is usually limited to what they spent on marketing; for the buyer, this could include temporary housing costs, legal fees, inspection and survey fees, and other charges. If you don't love your Clever partner agent, you can request to meet with another, or shake hands and go a different direction.
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Many or all of the products here are from our partners. We may earn a commission from offers on this page. Terms may apply to offers listed on this page. You have house-hunted so extensively you should have your own HGTV series. Finally, you come across the perfect home, sign a purchase agreement, pay an earnest deposit, snag a great mortgage, and are walking on air.
Then something goes wrong. The questions begin. You wonder if you have options, if you can back out of the agreement without penalty. Yes -- but the wording of the purchase agreement makes a difference.
Purchase agreements usually include contingencies or situations in which you can back out of the contract without penalty. As long as you're pulling out of the purchase due to one of the contingencies listed on the purchase agreement, you're golden. If not, you may lose money.
In rare cases, you may even face court action. Your purchase agreement should include a closing date as well as specific timing for each contingency. For example, if one of your contingencies is a home inspection and it should be , you may have 14 days. If another contingency involves your ability to secure a loan commitment, that may come with a day window. Before you sign a contract, make sure it includes the contingencies listed below and that you understand the time frame for each.
When you make an offer on a home , it includes earnest money designed to show the seller that you are serious about the purchase. Earnest money is sometimes called an "earnest deposit" or "good faith deposit.
As long as you go through with the deal, the earnest money goes toward your total down payment. When you sign a purchase agreement, the seller takes the house off the market, and potentially misses out on offers from other buyers. Earnest money gives sellers some protection. If you pull out of the deal for a reason not included in the contract or you're outside the contingency period, they can keep the earnest money.
In addition to earnest money, you will also lose anything you've already paid for services, such as a home inspection or title search. To protect yourself as a home buyer, you can add contingencies to your purchase agreement. It's a bit of a balancing act; if you demand too many contingencies, the seller may be less inclined to accept your offer, but you still need to protect yourself.
Here's a look at the most common types of contingencies. If your mortgage application gets denied, this contingency gives you legal standing to back out of the purchase agreement without penalty. If you lose your job after making the offer and no longer qualify for a mortgage, you could walk away.
If the inspection uncovers any problems, this contingency allows you to renegotiate. You can request that the seller make repairs or reduce the sale price.
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