Contract Questions

What is a back up offer in real estate?

By | 2015-04-15T02:42:15-06:00 April 15th, 2015|Contract Questions|

Answer: A back up offer is when a second buyer makes a secondary offer and waits to see if the original buyer's deal falls though. If it does, the second buyer becomes first in line. From the seller's viewpoint, back up offers are a great way to keep an ace up their sleeve. From the

What is a real estate contingency?

By | 2015-04-15T02:36:52-06:00 April 15th, 2015|Contract Questions|

Answer: A contingency is a condition written into a contract and allows the buyer to walk away if the condition is not met as well as keep their earnest money. Think carefully before you sign a contract with a contingency. As a seller, contingencies muddy the water. The fewer a contact contains, the better. Anything

What are exclusions and inclusions in real estate?

By | 2015-04-15T02:31:12-06:00 April 15th, 2015|Contract Questions|

Answer: When you buy a home, items you see during the showing are either included with the property (inclusions), or excluded from the sale (exclusions). The Texas Real Estate Commission (TREC) Standard 1-4 Family Residential Contract Section 2d: is designated for exclusions. It states, "the following improvements and accessories will be retained by Seller and

How long should I wait before accepting an offer?

By | 2015-04-15T02:27:46-06:00 April 15th, 2015|Contract Questions|

Answer: It depends... Read the offer over carefully (and make sure that you understand it.) Remember, while price is probably the most important factor, there is more to consider than just the numbers. Does the offer specify if it's cash or financing? Does it mention repairs or include a contingency? When do they want to

What if I have multiple offers on my property?

By | 2015-04-15T02:21:59-06:00 April 15th, 2015|Contract Questions|

Answer: Getting multiple offers on your house sounds great... After all, who would not want to have buyers fighting to buy their home? As wonderful as it sounds though, it can also be a GINORMOUS headache. A wrong decision could cost you thousands of dollars or even the sale altogether. Should you: Take the first