What Happens When Real Estate Deals Die?

What Happens When Real Estate Deals Die?

Today I’m going to talk about what happens if a real estate deal falls through (when real estate deals die). Meaning your offer has been accepted, but one of the contingencies haven’t been met. Maybe it’s inspection, maybe it’s condo approval, maybe it’s appraisal, maybe it’s title work. Whatever the case may be, if we can’t get the contingency to be met and one or both of the parties wants to completely void the transaction, what you really need is a mutual release.

Not a lot of realtors think you you need this, but you really do (even if there’s no earnest money deposit). And the reason is, if you don’t have that, the contract really isn’t really void completely. And so the buyer may later on still want to buy the home. Even if the seller tried to void the contract, and even if the seller attempts to sell or actually sells the property to someone else, that buyer may still be able to come back to them and still buy the property, and vice versa.

So it’s really important to have mutual release. So if you have any questions leave a comment below, you can private message me call or text me at 248-780-2521 or email me at [email protected] and as always, close with Patrice!

To learn more and to have a more in-depth discussion on your real estate needs be sure to schedule your FREE consultation! If you’re considering selling a home, schedule yours here and if you’re considering buying or building a home schedule yours here.

This has been “What Happens When Real Estate Deals Die?” By Patrice Henderson of Designed Living Real Estate.

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