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I recently had a Seller ask me if they could keep the Earnest Money if a Buyer should decide not to purchase the home. This occurred when a Buyer decided not to purchase the home just 2 weeks before closing. In this specific case, the Buyer decided not to purchase the home based on a home inspection report that cited mostly "cosmetic" issues that were known to the Buyer at the time the contract was written and some issues needing repair such as a leaky faucet that the Sellers agreed to repair prior to closing. It would seem that if the Sellers are willing to make all the needed repairs, which as stated were minor and cosmetic, should the Buyer not be required to close on the home?  

Most Purchase & Sale Agreements contain clauses or contingencies that allow the Buyer to get their Earnest Money back should they decide to terminate the agreement.  The most common types of contingencies that allow this to occur are Home Inspection and Financial Contingencies.

A Home Inspection Contingency allows the Buyers to "check out" the home by having a qualified Home Inspector perform a thorough evaluation of the home's condition.  The Inspector will provide the Buyers with a written report and if this report contains defects requiring repairs or other issues such as mold or water infiltration, the Buyers could decide based on that report not to go through with the purchase of the home and if so stated in the Purchase and Sale Agreement, can terminate the agreement and have all Earnest Money refunded. It all depends on the specific language contained in your specific Purchase & Sale Agreement. Both Sellers and Buyers need to pay particular attention to this language and clearly understand what their respective options are.

A Financial Contingency simply stated, says that unless the Buyers can fully qualify for a loan to purchase the home at the time the closing occurs, they are entitled to receive a full refund of the Earnest Money.

If there are ever "unusual circumstances" surrounding the purchase of a home such as purchasing a home AS IS WHERE IS or as I understand is available in some states, a Non-Refundable Earnest Money Deposit, it needs to be clearly stated in the contract, usually in the Special Stipulations Section of the Agreement.

In short, Buyers should always consult and retain the representation of a qualified Real Estate Professional to ensure they know under what circumstances their Earnest Money is refunded.  Sellers should also have proper representation in negotiating a contract on their behalf to ensure that perspective Buyers are truly serious about buying their clients' home and are committed to the purchase. 

Surprises are not welcomed by either party especially at the 11th hour.  Don't be a part of one.

Music City USA Luxury & Lakefront Properties is dedicated to providing unparalled service to those clients seeking custom Luxury & Lakefront Properties here in Music City USA - Nashville, TN. If Buying or Selling Luxury or Lakefront Properties is what you seek then come see the benefits of working with a Real Estate Professional that is also a Custom Home Builder specializing in Luxury and Upscale Homes here in Music City USA.

Imaging coming home to such a peaceful setting watching the sun set over Old Hickory Lake where relaxing evenings on your front porch are always in order. Whatever special home you are looking for, I can help you find the right Lakefront & Luxury Home you dream of owning in the Greater Nashville Music City USA. Call me at (615) 310-7324.

To see more homes with photos that meet your criteria go to http://www.musiccityusahomes.net

Ever hear that phrase or read that book?  If you have, you certainly understand the importance of dressing the part if you want to be a successful Real Estate Broker or Agent.  Dressing for success applies to ever facet of business when you're on the job or working with clients.

The same holds true for your listings.  Are your listings Dressed for a Successful Sale?  You know the old phrase, you get what you pay for?  Well that's true with selling Real Estate.  If you want to bring top dollar for your clilents and top commissions for your efforts, take the time to have a frank conversation with all your Sellers about Dressing their Home For Sale.

If a home is to be Dressed for Success, make "needed repairs!"  This sounds obvious but is not always embraced by our Sellers.  I am fortunate enough to also be a Licensed General Contractor so I know what it takes to make needed repairs on the homes I list.  Case in point. About a year and a half ago, a lady I go to church with approached me about possibly renovating a home she once owned and had recently been rental property.  She wanted to put it on the market and sell it for market price and recognized her home needed some major TLC.  The house was in need of an update and needed repairs. Selling the home in its' then present condition would bring in maybe $150,000.  The appraised valule of the home exceeded $315,000.  She was in a position to invest some money in needed updates but wanted to only spend what she absolutely needed to.  In her case, a new kitchen, paint and carpeting throughout the home was at a minimum.  What's more her hardwood floors were in need of refinishing and her screen porch repaired and re-screened.  All in all she spent about $40,000 to renovate the home which may by most people's standards seem to be a lot of money, and it is if you don't have it. 

However in this case by spended the needed dollars, the home was placed on the market for $299,900 and subsequently sold for $288,000.  In this case, spending $40,000 gained her over $138,000 additional dollars in Sales Price than she could have expected leaving the home not Dressed to Sell.

I know you're saying my clients don't have or won't spend the needed money on a home they want to sell.  Well it's our jobs to point out to them what they can realistically expect if they don't do what is absolutely needed to get a house sold.  Many times it is simply a coat of paint but in most instances, it calls for additional renovations. Every case is different and therefore it may be in your best interest to align yourself with a Licensed General Contractor.

Don't "fire sale" your clients' home. Help them Dress their Home for a Successful Sale and ensure you do what is needed to help your clients maximize their investment even in a down market. You will then earn their respect as their trusted Real Estate Advisor.

Good Luck

Joe Staub, SFR

Affiliate Broker

Prudential Woodmont Realty