12. Did You Know? - Q&A (cont’d)
9. Q-If I have multiple offers, can I negotiate with more than one offer at a time?
A-Yes. You are allowed to negotiate with more than one buyer at a time. However, you can only be under contract with one buyer at a time. You can opt to have a back-up offer. That way should the accepted offer fall through, you don’t have to put the house back on the market.
10. Q-What are Special Stipulations?
A-Special Stipulations are additions to a contract that are not stated in the main body of the contract and take precedence over other terms of the contract. Pay special attention to Special Stipulations regarding the appraised value so that you don’t end up legally bound to sell your home for less than you expect.
11. Q-What are Financing and Appraisal Contingencies?
A-These are contingencies that allow the buyer to cancel and receive a refund of their Earnest Money. A Financing Contingency allows a specified period of time for the buyer to secure financing, while an Appraisal Contingency allows time for an appraisal to be ordered that justifies the sales price. When it comes to these contingencies, be reasonable but keep these days to a minimum because you don’t want your home off the market for an extended period of time if a buyer can’t qualify or if an appraisal is returned below the sales price. Some loan programs do not allow a specific number of days to be specified for the Appraisal Contingency.
12. Q-When do I have to include a Lead Based Paint Disclosure?
A-If your home was built prior to 1978 or there are painted items inside or outside of the house that will be conveyed with the property that were constructed prior to 1978 you need to have a Lead Based Paint Disclosure.
Question for you: Do you know if you’re covered in case of errors or omissions?
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