For Sellers:   Now that your house is under contract.


Please read this information carefully. And if you have any questions or thoughts please ask me right away. Norm@callnorm.com or 703-587-0945

Negotiations on the contract are still active and this may include future adjustments in price or required repairs by you the seller.  The buyer may still have the option to void the contract, even if this is an “As-Is” contract.  I will be there at ever point of negotiation working with you to protect your equity and your sale.

Most contracts have contingencies based on Home Inspection, Appraisal and/or Financing.  And if you live in condo association or home owners association those are automatic contingencies for the buyer’s review of the resale documents.  There are other potential contingencies.  If you have any questions about the specifics of your contract, contact me.  I am here to help.

Over the next few days the buyer/s will be conducting:

The Home Inspection:  (and possibly a Radon Inspection).   There are two types of findings that come up during a home inspection: findings that must be addressed by you the seller and findings that are negotiable.

Items that must be addressed by you the seller are anything associated with the heating, plumbing or electrical aspects of the property, which must be in working order.  Items that are negotiable are anything else, such as a broken window lock, or loose steep.    And during the home inspection contingency period the buyer/s have the option to void the contract even if the property is sold “As-Is.”  This is another point of negotiation.

So you can see, any repairs will have a cost associated with them, sometimes a high cost.  As your Realtor I will be proactively negotiating and carefully monitoring the buyer/s inspection process and the legitimacy of the inspection findings.

If a Radon inspection is part of the contract and radon is found above the acceptable levels the buyer has the option to void the contract, renegotiate the contract or accept the responsibility of remediating themselves.

The Appraisal:  If the appraisal comes in below the sales price the buyer has 4 options

  • Void the contract
  • Pay the difference in the appraisal amount and the sales price
  • Ask you to lower the sales price
  • Renegotiate the contract

The Financing:  Even if the buyer/s  have a pre-approval letter there is still a chance the buyer will not be approved for the financing.  If the buyer, receives notice during the financing contingency period, they have the option to void the contract or they may try to renegotiate the contract.

Resale documents:  in general buyer/s have 3 days after the receipt of the resale documents to void the contract.  The buyer does not need a reason they can just void the contract.  Which is why, we must get the new buyer the resale documents ASAP.

Termite Inspection:  This is an often overlooked area of the contract.  Why?  Because there is no timeline for completion of the termite inspection.   The buyer has the option to complete the termite inspection up until the day of closing.  The contract also says that if there is evidence of termite activity it is the sellers responsibility to make the necessary repairs.  This may include a termite treatment (appx $600) or construction work, such as replacing floor joists and the costs can escalate quickly.  Even if you are selling “As-Is” it may not be “As-Is” with regards to termites.


What else is there? It is your responsibility to have the property completely empty and broom clean and with no changes to the property.  Before closing the buyer will do a walk through at the property.  If there are any changes to the property such as damage to the property or it is not empty of personal belongings such as old paint cans the buyer/s can renegotiate the contract.


At settlement if anything previously agreed to is not completed the buyer can renegotiate the contract, possibly delay the settlement and possibly void the contract.

As you can see there are many many times where the buyer may try to renegotiate the contract.


Also, the contract survives settlement.  That means that if something agreed to during the contract is proven otherwise or new information is brought forward the contract can be reopened and negotiations may be reopened.


If you are still reading this thanks, it is a lot of information and for your benefit.  During the period of contract to closing there are a huge number of details and dates that I am monitoring on your behalf.   Some of the findings of the buyer’s inspectors may be subjective and I will be monitoring that detail as well.  Thank you for the opportunity to work with you.  If you have any questions or thoughts please ask me right away.



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