Escape Clause

By
Real Estate Agent with Frank Rubi Real Estate
For lack of a better name.  Thats what I am calling it.  I hate to do back up offers, tying my client up, and along comes a house she likes.  I finally wised up and now include this in any back up offers.  This allows us flexibility to move on on our terms.  Call it a reverse predication also I guess.
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Comments (3)

Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Any time I wrote a BU offer, which has only happened a few times over the years when the primary was in trouble, I include a requirement that we have a "RELEASE" signed by the seller so that, if the buyer wants to move on, we don't have any trouble getting the earnest money released. 

The RELEASE works as notice that the buyer has moved on.

 

Dec 12, 2007 08:05 AM
Jeff&Grace Safrin
F.C.Tucker 1st Team Real Estate - Valparaiso, IN
SpousesSellingHousesTM

Can't Imagine having a back-up offer without a protective clause like this for a Buyer....Back Up Offer Addendums are available that cover this in our State (IN).

Dec 12, 2007 10:09 AM
Frank Rubi
Frank Rubi Real Estate, LLC - Metairie, LA
FrankRubiRealEstate.com
John, this is a good idea. Plus the protection it provides for your client. Good reminder.
Dec 14, 2007 08:44 PM

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