What is a Sale Contingency? If a buyer has a home to sell as well, they can add a contingency to an offer.  One is limited, which means that the seller can keep their home on the market and if they get a better offer in the meantime they can take it with no obligation to the other offer.  A first right contingency is if the seller gets a better offer, they have to go back to the first buyer and give them a time frame to remove their contingency or they can accept the second offer.

How Should I Respond to a Low Ball Offer?  It’s always good to have a counter of some sort.  Don’t let a deal die on your side.

How Does the Inspection Phase Work? If a buyer wants inspections, there is a time frame where they must get them done and respond to the seller with their findings.  The buyer owns the inspection but they have a legal obligation to give the seller time to respond.

What Are Required Repairs? This varies.  No one HAS to have an inspection and what may be required may depend on the type of financing a buyer has, etc.

Can You Recommend Service Providers? Yes, your Realtor can recommend providers that they have worked with, however, this is up to the client as to whom they choose.  They do not have to use anyone that has been recommended.

What Happens if the Appraised Value Comes in Low? Several things can happen: The buyer can come up with cash to make up the difference, sometimes it’s just a mistake that can be fixed, sometimes the seller can adjust the price on the home and sometimes it’s just the end of the deal.

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This content is not the product of the National Association of REALTORS®, and may not reflect NAR's viewpoint or position on these topics and NAR does not verify the accuracy of the content.