In reading and re-reading the new Purchase and Sale Agreement, I just want to clarify a point that was previously posted in terms of the financing contingency.  There has been no change in the form regarding a Buyer losing his/her earnest money if the Buyer finds out that a property doesn't appraise. **

Either the Seller reduces the sales price to reflect the appraisal, another appraisal is obtained, the Buyer decides to pay the difference or the contract is void and the Buyer gets his/her earnest money back.

For our newer agents :> although we are still very much in a Buyer's market, IMO it is usually best to make the offer as "clean" as possible.  Usually, a Buyer can get through the financial process in less than 10 days (much less with my preferred Lender! lol), so if I am using the "due diligence" clause (and depending how soon the closing date is) I would probably use a 10-12 day window in total. 

If we think of it from the Seller's perspective, why would they want to have their property off the market for a longer period when the Buyer can walk away for any reason at all.

Just my .02...comments, questions, suggestions are always welcome.

Laurie

 **during the financing contingency period