3 Clauses I'd Like To Add To Our Contracts...

By
Real Estate Agent with RE/MAX Compass, formerly RE/MAX WHP 0524642
https://activerain.com/droplet/Bxy

 

On our contracts we have an area referenced as Special Provisions. We're only allowed to add factual statements that are approved by our Broker.

 

But there are times I wish I could add the following:

 

1. Seller to not be present during home inspections.

Seller at home during inspection

The man in this picture is the home inspector. The woman standing inches away shadowing his every move is the home seller.

 

2. Buyer to perform appraisal with 18 days of the execution of the contract.

If the appraiser wanted to wait 29 days into a 30 day contract, he could. If the home didn't appraise, the buyer could walk AND retain their earnest money. Not good for the seller! The appraisal, and its findings should be FINISHED  within a specified time period.

3. Buyer to choose home warranty.

I actually add this to all of my offers. I grew tired of my buyer being slammed with some company the Listing Agent was promoting. If my buyer is going to live in the house and "make the claims" he or she should be allowed to pick and choose who they are going to work with.

 

Posted by

 

 
Greg Nino
, Houston area Realtor®.
Helping residential buyers, sellers and tenants 7 days a week.
Available @ 832-298-8555 

RE/MAX Compass (Formerly RE/MAX WHP)

www.GiveMeMyHomesValue.com

www.EverydayHoustonHomes.Com

 

 

The information contained in this blog is believed to be reliable and while every effort is made to assure that the information is as accurate as possible, the author of this blog, and its comments disclaim any implied warranty or representation about it's accuracy, completeness or appropriateness for any particular purpose. All information is copywritten and the property of Greg Nino.  

 

 

 

 

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Rainmaker
631,213
Nancy Conner
Olympia, WA
Olympia/Thurston County WA

That picture of the lurking home owner cracks me up!  Soooooo helpful.

May 24, 2012 04:35 AM #1
Rainer
284,418
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Greg -- do not know why the second and third are not standard part of contract.  I can also see where the first would be very useful.

May 24, 2012 04:39 AM #2
Rainmaker
1,168,992
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

Except for the fact that the buyer has little control over the appraisall, we generally chase the lender for that, those clauses would be great to add.

May 24, 2012 05:40 AM #3
Rainer
274,235
Coral Gundlach
Compass - Arlington, VA
Real Lives. Not Just Real Estate.
We actually do have appraisal deadlines. They are very motivating.
May 24, 2012 07:39 AM #4
Rainmaker
646,167
Sun City Grand Homes Surprise AZ Real Estate Leolinda Bowers Designated Broker Leolinda Realty
Leolinda Realty - Surprise, AZ
Sun City Grand in Surprise Arizona

By all means the seller should leave for the home inspection. Getting them to stay away is very difficult but necessary.

May 24, 2012 09:54 AM #5
Rainmaker
3,127,190
Richard Weeks
Dallas, TX
REALTOR®, Broker

Any listing agent who promotes a particular home warranty company is a fool and will one day be a part of a lawsuit.

May 24, 2012 10:44 PM #6
Rainmaker
762,952
Thom Abbott
MyMidtownMojo.com |770.713.1505 | Intown Atlanta GA Condo Living - Atlanta, GA
Midtown Atlanta GA Condos For Sale

We have appraisal contingencies in ALL of our contracts these days. I've had a home under contract for 3 weeks, and have asked at least 3 times to get the appraisal done to make sure there are no issues. Call came on Monday....contingency ended yesterday. I guess no news is good news.

Don't be calling me on Tuesday and telling me there is a problem....yeah it will be YOUR problem.

Oh the joys of real estate...

May 25, 2012 10:17 PM #7
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Rainmaker
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Greg Nino

Houston, Texas
Providing Real Estate Advice 7 days a week!
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