What are the consequences of backing out as a seller?
If you back out without legal grounds, the buyer may sue for specific performance (forcing the sale) or for damages like inspection costs, appraisal fees, and lost opportunities. You could also be responsible for your listing broker’s commission under the listing agreement, even if the deal doesn’t close.
What is an open listing agreement?
An open listing agreement is a non-exclusive contract that lets you work with multiple brokers at the same time and even find your own buyer. Only the agent who actually procures the buyer earns a commission, and if you find the buyer yourself, you typically pay no commission at all. Because there’s no guaranteed payout, […]
What is a title search and why does it matter?
A title search reviews public records to confirm who owns the property and to uncover liens, unpaid taxes, easements, or other claims against the title. A clear title search is essential for closing because most buyers and lenders require “marketable title” before they’ll fund the transaction.
What are common contract contingencies I should know?
Common real estate contingencies include inspection, financing, appraisal, sale-of-buyer’s-home, and sometimes title or HOA review. These clauses give buyers defined timeframes to investigate the property and their loan; if contingencies aren’t satisfied, they can usually cancel and keep their earnest money. As a seller, understanding each contingency helps you judge offer strength and timelines.
What is title insurance and do I need it as a seller?
Title insurance protects buyers and lenders against financial loss from covered title defects that weren’t found during the title search. In many areas sellers provide (or pay for) an owner’s title policy as part of the deal, which gives buyers peace of mind and helps the transaction close smoothly.
What is an inspection contingency and how does it protect me?
An inspection contingency lets the buyer hire inspectors and then request repairs, credits, a price reduction, or the option to walk away if serious issues are found. It protects buyers by ensuring they’re not locked into purchasing a property with undisclosed or unexpected defects. For sellers, it’s a critical phase where you may renegotiate, agree […]
What is an iBuyer and should I consider selling to one?
An iBuyer is a company that uses data and technology to make quick, cash offers on homes, often with flexible closing dates and minimal showings. You trade some of your potential top-dollar price for speed, convenience, and certainty, so it’s worth comparing the net from an iBuyer offer to what you might get on the […]
What is a financing contingency?
A financing contingency gives buyers time to secure a mortgage and protects them if their loan is denied or terms change significantly. If they can’t obtain financing within the agreed period, they can usually cancel the contract and recover their earnest money as long as they followed the contract terms. Sellers should watch the contingency […]
How does selling on Zillow Offers work?
Zillow Offers was an iBuyer program where Zillow made cash offers, handled repairs, and then resold the home, but the company has since exited that line of business and no longer buys homes directly. Today, Zillow mainly connects sellers with agents and marketing tools rather than acting as a direct buyer.?
What is an appraisal contingency from the seller’s perspective?
An appraisal contingency allows the buyer to renegotiate or cancel if the home appraises for less than the purchase price. From a seller’s perspective, this adds risk that the price may need to be lowered or the buyer may ask you to cover gaps if the appraiser comes in low. Strong buyers sometimes waive or […]