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Does the Word 'Binding' Still Exist?
Do you remember when you got your first checking account? Maybe you were eighteen and you were told that when you sign a check, you are signing a binding contract.
Same goes for the real estate purchase contract. It’s binding. Not sure what has happened over the last several years, but in the state of California, it appears as if many people are not taking the real estate purchase contract seriously.
For example, a buyer offers to purchase a property and close the transaction within 45 days of acceptance of the offer by the seller. Seller accepts, and 30 days into the transaction, the buyer says that his lender cannot close the transaction on time. The lender needs another 21 days.
Or, a buyer offers to purchase a property as-is for a specified price. Then, after the offer is accepted, the buyer changes his mind and wants to pay less. Or… the buyer was going to pay cash, and now needs to get a loan. 
While everyone understands that circumstances arise that can impact a buyer’s decision to purchase a property, it seems that these situations arise more and more frequently.
When it comes to short sales, this is even tougher ... more

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