We are living in extraordinary times to say the least. Dealing in Foreclosure homes is what I have been doing for the last 20 months and from time to time, I like to share with other agents and homebuyers ways that they can protect themselves when dealing with noncompliant sellers.
A favorite clause I have been using lately is this one:
1.*Respectfully, Should buyer decide during the "Due Diligence Period" that he in his sole discretion does not want to close this escrow, then the buyer may cancel this escrow by giving his notice to escrow agent and escrow agent without any further notification or authorization from either buyer or seller will promptly return all earnest money to the buyer and this escrow shall automatically be deemed cancelled. Escrow Company shall be released of any responsibilities.
Recently, I was in contract and the seller decided they did not want to give my client his money back.
The above phrase worked wonderfully and saved my customer $3,000.00!
Are you a Las Vegas homebuyer looking for an experienced agent?
Give Steve Harless - RE/MAX Extreme a call - 702-217-1680 - Let me find your next home and protect your best interest.
*contact your State Realtor's board attorney to make sure this is valid in your state.
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Steve: Knowing and understanding contracts is huge in this business ... so many agents don't ... and that allows me to create even more magic for my clients .... leverage with knowledge of contracts!!!! Great post and congrats on getting your clients deposit returned by quoting the language in the contract.