Saturday, October 29, 2011

It is all in the wording......

Agent Genius blog takes us to a home buyer's IQ test from the
folks at Zillow - here.  Feeling argumentative, I will tell you that
they think I answered one of their questions incorrectly.  Here
is the true or false question:

A buyer has the right to back out of a sales contract if the
appraisal comes in lower than purchase price, if the buyer
cannot get a mortgage, or if the home doesn't pass

Zillow's correct answer is True.  My argumentative answer was
False.  If the contract contains language allowing the buyer to
terminate the agreement if those things come to pass, then the
answer is True.   But........and it is a big but, not all contracts
are created equal and absent the proper language those "rights"
don't exist.

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