Contractual Rights During The Homebuying Process When Doing FSBO

Contractual Rights During The Homebuying Process When Doing FSBO

Contractual Rights During The Homebuying Process When Doing FSBO. Looking to sell your home on your own? Make sure that you are aware of what contractual rights you and your buyer have during the home buying process. I’m Rich Barnes, owner broker of Realty Experts in West Allis, Wisconsin, Five, three, two, one, four. And as a local real estate experts, we truly care about the homeowners in our community. Because we care, we want to pass on some useful information to homeowners like you to help you avoid the common pitfalls associated with selling FSBO. There are a lot of moving parts to make your sale a successful one from start to finish. So, our hope is that we can contribute to your success and make your FSBO experience a great one. A contingency is a contractual right allowing a party to cancel a contract without penalty either before or after a specified timeframe. But remember, these timeframes are not set in stone and can be negotiated prior to going into contract. However, a standard buyer contingencies that you are most likely have to navigate are inspection, appraisal and loan approval. Inspections, only the buyer can cancel if he’s not fully satisfied with the results of the inspections and investigations. Number two, appraisal. Only the buyer can cancel if the appraised amount is lower than the purchase price unless you previously negotiated something different. For example, a no appraisal contingency or possibly gotten the buyer to agree to pay a specified amount over the appraised value, not to exceed the purchase price. Again, there is a lot more involved in this so be sure to protect yourself. Number three, loan approval. Only the buyer can cancel if the lender does not approve the loan. The lender needs to provide a loan commitment letter or other confirmation of final loan approval. Also, be aware that these are less common contingencies that may be part of the purchase agreement. Number one, sale of the buyer’s current home. This one can be tricky. This only scratches the surface of for sale by owner process. If you find the process a bit too much to handle while on your own, so everything else you need to focus on in your life like your family and your work responsibilities, give us a call or click the learn more button below and we’d love to help you relieve some of this stress from the situation and give you the best possible outcome for the sale of your home. I am Rich Barnes with Realty Experts, and as always, you can rely on rich.com. Thanks, and you have a great day.

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