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Buyer Risks if Home Sale Does Not Go Through
In most state Real Estate purchase contracts, a Buyer's REALTOR® will counsel their clients that there are two major common steps in the contract and resultiong process, once a contract is accepted and is in escrow, where a Buyer can exit the purchase contract.
Each step can cause the contract to be exited by a Buyer but there are some costs/risks to consider
Two Common Purchase Contract Exit Steps
A home buyer's purchase contract will have exit clauses. (Photo: Tumisu from Pixabay)
 
1. Inspection Period (typically 10 days)- the Buyer may exit the contract but must pay their professional inspector...which I believe is money well spent no matter if the Buyer decides to move ahead or not
2. Appraisal. If the home does not appraise the contract can be exited, although buyers must pay for the appraisal. In many cases the issues around the appraisal can work out with additional negotiation on the contract by a Buyers. REALTOR®
 
More on the Appraisal
But how does that appraisal process work?
Per The Realtor.com Team | Jan 11, 2021, "If you’re buying a home, one of the (many) things you must check off your list is hiring a professional to do a home appraisal to assess the property's value. But what ... more

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