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Can A Buyer Walk Away From A Contract To Purchase A Home?

can a buyer walk away from a contract to purchase a home

Can A Buyer Walk Away From A Contract To Purchase A Home?

After an offer has been accepted on a home a buyer has some options for walking away from the contract and even getting their earnest money back.  Usually those times to walk away and get the earnest money back apply during the contingency periods written into the contract.  A buyer can walk away though at any time from the contract up until the actual signing of all documents at closing.  Walking away from a purchase contract though could result in the buyers losing their earnest money and worse being sued if there were no contract contingency clauses upon which they based their decision to cancel the contract.  This article explores some of the different ways buyers can walk away from a contract to purchase a home and the consequences for doing so.

Walking Away During The Inspection Contingency

One of the typical contingencies included in a real estate purchase contract is the inspection contingency.  In the inspection contingency the buyer is given the right to inspect the property in order to determine the quality of the house.  During the inspection period the buyer can cancel the purchase for pretty much any reason.  For example a single electrical outlet is bad or even a door squeaks, the buyer can cancel the deal and get their earnest money back as spelled out in the contract. The buyer must cancel within the time frames specified in the contract if they are using the inspection contingency. Depending on the market that could be anywhere from a couple of days to a couple of...

Top 7 Signs That A Luxury Home Is Over Priced

top 7 signs a luxury home is over priced

Top 7 Signs That A Luxury Home Is Over Priced

When selling a luxury home one of the most critical aspects is setting the right price.  Set a price too high and the home will sit on the market for too long with very little interest.  When buyers see an overpriced home they generally will ignore that home as not fitting in their price range.  Once the price does come down the home might have been on the market for too long and buyers will assume there is something wrong with the condition of the home. Either way a larger price reduction will be needed in order to get a buyer interested enough to make an offer.   This article looks at some of the common signs that indicate a luxury house is overpriced and some tips on how to avoid that.

Price Is Based On What The House Was Bought For

Just as a homeowner will not price a home very low because they bought it thirty years ago when prices overall may have been lower, homeowners should not be pricing high based on what they recently paid.  Prices may have been higher than they are today when purchased but that does not always mean the price of the home will go up as well.  Home values can go up or down depending on a number of factors. If a particular area has experienced a large outflow of employers and jobs resulting in lower overall demand for housing in that area then the high price for a home based on past purchase will not make sense.  Real estate is all about location and the local economy.

Price Is Based On Upgrades Made To The House

Just because a homeowner added a pool or upgraded the kitchen and bathrooms to luxury quality does...

Podcast #12: Hard Money Lending

Podcast 1 Hard Money Lending

For this podcast about hard money loans I sat down with Kay Battle of Common Sense Capital Solutions.  During the podcast we discussed investing in real estate, hard money lending, and how hard money loans can help investors.  If you want to learn more about hard money loans and how hard money lenders operate this is a great pdocast for you.

I hope you enjoy the podcast and find it informative.  Please consider sharing with those who also may benefit.

Listen via YouTube:

You can connect with Kay on LinkedIn.  You can reach out to Kay for more information on their lending products by emailing her at info@cscapitalsolutions.com and check out the company website Common Sense Capital Solutions.

You can connect with me on FacebookPinterestTwitterLinkedInYouTube...

How To Prevent Mosquitos from Over Taking Your Yard

How To Prevent Mosquitos from Over Taking Your Yard

How To Prevent Mosquito’s from Over Taking Your Yard

Not only are mosquitos quite an annoyance they are also considered one of the deadliest animals in the world due to the fact that they can spread diseases and viruses through their bites.  Whether one is enjoying a relaxing day on the deck, grilling for family and friends or just tending to the yard mosquitos can quickly make what is enjoyable miserable after the itching sets in from mosquito bites.  This article provides tips for homeowners to help reduce mosquito levels in and around the house so the time spent outdoors can be pleasant.

Facts About Mosquitos

Not all mosquitos bite humans, in fact it is only the pregnant females of mosquitos that bite humans or other animals for blood.  The blood is used by the mosquitos to help produce eggs, eggs that must be laid in stagnant water.  Without stagnant water mosquitos do not have a place to multiply.  While in the water mosquito larvae will feed on algae and other bacteria in the water.  It can take up to 40 days for mosquitos to transition to the adult flying variety that cause all the problems.

Drain Standing Water

Standing water is ground zero for mosquito breeding grounds.  Without standing water mosquitos have nowhere to lay their eggs. That water can come from sources such as the rain, water sprinklers, pools, gardens, planters and more.  Where ever water sits stagnant gives mosquitos the opportunity to multiply.  Water collects in buckets, used tires, garden tools, pool toys, kids toys and even some types of plants can collect water that provide mosquitos enough of an area to lay eggs.  The...

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