"What happens if I make an offer on a home and then change my mind or am unable to purchase it? Do I just lose that money?"
The simple answer is "no". If you and your Realtor work diligently, your money will be protected. A standard Purchase & Sale Contract has built-in contingencies. These contingencies are the safeguards that will protect your deposit.
These contingencies may include financing and building inspection. For example, if you write an offer and then can not purchase the home because you can not get financing you can withdraw your offer as long as you and your Realtor submit a termination addendum in the time frame that your contract permits.
Similarly, if items come up during the building inspection that you were not anticipating and are not comfortable with (roof needs to be replaced, foundation needs repairs etc.), you can (1) request that the seller fixes those items (2) request that the seller financially contributes towards those repairs or (3) submit a termination addendum in the time frame that your contract permits.
These are just a couple of contingencies that can be included in a Purchase and Sale Contract. Other contingencies may include water quality, radon...or anything else that is important to you.
Work with a professional Realtor that can help you prepare a Purchase & Sale Contract. If the contract is written correctly you and your assets will be protected.
Author:Dan Cypress Phone: 802-598-6219 Dated: March 31st 2017 Views: 372 About Dan: Dan is analytical in nature, as his MBA would suggest, but nine years ago he transitioned out of the...
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In 2009, Jessica Bridge and Dan Cypress decided to form the Element team at RE/MAX North Professionals, the brokerage where both started their real estate careers in 2006. Simply put: they were ready to express their own vision. That vision included acting ethically in all situations, providing honest, educational advice to their clients, and forming a team with strengths that played to the needs of their clientele.
Over time, Element has added administrative staff and three salespeople: an expansion geared toward maximum face time with clients and providing the best service possible. The group has grown to be one of the top-producing real estate teams in New England. In fact, they were the top producing RE/MAX team in Vermont from 2013-2015. They also became one of the most recognizable real estate entities in Chittenden County: an accomplishment that they attribute solely to putting their clients before all else.
In March 2016, Element Real Estate left RE/MAX North Professionals and opened their own real estate brokerage, located at 139 Bank Street. Their team, comprised of Jessica Bridge, Dan Cypress, Thomas Senning, Allyson Nadeau and Ruslan Ibragimov, takes a collaborative approach to real estate. Educating their clients and straight-forward, data driven methods have been at the core of their practice since 2006. They look forward to continued success in their downtown location.
"What happens if I make an offer on a home and then change my mind or
"We had been tossing around the idea of selling our home for a few months, and then we found the perfect new home for our family before we had even listed our house. We knew if anyone could make our long shot dream of selling our house in time to buy the one we had fallen in love with come true, it was Element Real Estate. From tips about what repairs to focus on before listing to staying in touch round the clock with important updates, bringing in a professional photographer to make our house look it's best, to keeping every document and involved party up to date at all times, Element Real Estate has shepherded us from hopeful long shot to making our relocation dreams come true. We 100% believe we would have missed out if it wasn't for the Element team's hard work and their dedication to getting us the best price for our home as quickly as possible"