Smart Moves for Seniors

An Open Resource and Meetingplace for Seniors Thinking About Moving On With Their Lives and provided by Lois Patton, Licensed Real Estate Salesperson and Certified Buyer Representative with Albany Realty Group, Albany, New York. Also visit us at www.albanyrealtygroup.com or call 518-459-4564.

Monday, July 24, 2006

You may have a signed contract for a bid placed on your house and believe the deal is done, but there are often some general conditions incorporated in a contract which permit a buyer to cancel and pull out of your deal. For example, if an inspection is part of the agreement, you should note what terms or developments (according to the contract) will allow a buyer to terminate the contract. If repairs noted by an inspecter (contracts usually incorporate an inspection as an essential component of the terms of the sale) are estimated to exceed a given amount, the seller may have to cover those expenses or the buyer may also perhaps opt out of the contract. In some instances your buyer may not qualify for the mortgage the deal was based on, given subsequent developments or issues in his or her financial history and which were not earlier disclosed to or discussed with a broker. Each situation is different and there are no circumstances which apply generally.

Read the terms of your contract carefully and closely to make certain that you are well aware of the possibilities. Hopefully, nothing will interfere with the sale, but its good not to be caught off guard when and if something does.

A realtor can help with a "heads up" about the issues you should be aware of and need to know about. Give us a call. We'll work for you.

Have a great day!

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