If you someone is looking to buy a home, how are they protected? "Outs" in a Contract revealed

If someone is looking to buy a home, how are they protected? What are some of the "Outs" in the contract?

Recently I was asked by one of my buyers about how they are protected in regards to their offer. She was most concerned about the possibility that the house may not appraise for the contract price. I set her mind at ease with the following information.

If a buyer cannot get their loan approved within the length of time that is allowed per the contract, as long as they meet the time guidelines of their contract in notifying the other realtor/owner in writing, they can get their earnest money deposit back.

If the house does not appraise for the amount of the contract price or if the appraisal is not accepted by the buyer's lender then the contract can be cancelled and the buyer can receive their deposit back. Another option is that the price can be renegotiated and lowered, if the seller will agree to it.

If the home is inspected and there is more wrong with it than the dollar figure that the buyer has agreed to, that is an out, and the contract can be cancelled.

Also the seller's title company has to provide a clean title. If that is not able to be done, then again the contract can be cancelled with a full refund of the earnest money deposit.

Please let me know if there are any Tampa Real Estate Questions that you would like answered.

Warmly,
Stephanie LeFew http://www.TampaHomeBuy.com
South Tampa homes for sale / South Tampa Realtor / South Tampa Real Estate for Sale
813-624-3332