As a homebuyer or seller, an accepted contract is exciting. But hang on … the deal’s not done. Thankfully, if you’re working with a REALTOR®, he can guide you through all the potential twists and turns on the way to closing.

An option to back out

For starters, most purchase contracts include a termination option. The buyer pays the seller a fee for a specified period of time during which the buyer can cancel the contract. The buyer can exercise this option for any reason. In fact, he doesn’t even have to explain why.

A closer look at the property

Buyers usually hire inspectors during the termination-option period. Inspections that reveal items in need of repair may prompt a buyer to ask for a price reduction or repairs prior to closing. Or the buyer may simply choose to cancel the deal.

Financing considerations

Transactions sometimes unravel when a buyer cannot obtain the financing specified in the contract or the property does not meet the lender’s requirements. For example, appraisals can come in lower than the purchase price, or there may be issues with obtaining insurance for the home.

The list goes on

Option periods, inspections, and financing are three common trouble spots for transactions, but there are many others. Problems with title insurance or the survey, disagreements about items that convey, issues related to homeowners associations, or damage to the property after acceptance of the contract but before closing are a few examples of issues that can arise.

You have a valuable resource

Communicating with your REALTOR® about each stage of the transaction will minimize surprises and increase the chances that your transaction will proceed smoothly.  

Best Priced Properties Team Russell and Melissa Banki cell 713-480-0889 or 936-445-0216 Certified Negotiation Experts (CNE) Accredited Luxury Home Specialist (ALHS) Certified Home Selling Advisors (CHSA) Certified Home Buying Advisors (CHBA) office 936-270-8090 Certified Expert Home Selling and Buying Advisors. Ask us about our Smart Home Buying and Selling Strategy. CALL OR TEXT. As a local real estate Montgomery County Real Estate Experts in The Woodlands, Spring, Shenandoah, Magnolia, Montgomery, Conroe and Greater North Houston/Houston Metro areas we can save you valuable time & money! Contact us today. It would be our pleasure to help you with all your residential/commercial buying, selling or investment needs. We believe our clients should feel confident and benefit from selling or purchasing real estate. 

Credit: Texas Association of Realtors