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Even when there's an accepted offer, the purchase of a home is not a 'done deal.' The parties will sign a purchase and sale agreement, which says that the buyer agrees to buy and the seller agrees to sell the home at the agreed upon price, pending certain items. These items can include a satisfactory home inspection, and the ability for the buyer to obtain a mortgage. Depending on the situation, the agreement may also hinge on the buying being able the sell their home, or the seller being able to find a new home. If a specified condition isn't met, it doesn't necessarily mean the deal is off the table, but there may be more negotiation. For example, if the home inspection turns up a surprise defect in the house, the buyer may try to negotiate for the seller to fix it before the sale, or to lower the price so the buyer can afford to have it fixed.
|Sheri Ann Richerson|