What are you referring to specifically? If buyer is trying to terminate the transaction, due to inability to get loan approval...then yes, it's entirely reasonable for the seller and listing agent to ask for proof from Buyer's lender that that is the case. Buyer and seller have entered into a legally binding contract. The seller is taking a risk by accepting a buyer's offer, and essentially taking the property off the market while buyer does their due diligence. If buyer terminates, there needs to be a good reason. If buyer is just having cold feet, and it's not due to loan issues, I'd say seller should keep the earnest money. By the way, you really need to be asking your agent this question.... more
your estate attorney should be able to help you with this...you could also hire an appraiser to create an appraisal report. as long as the condition of the home hasn't deteriorated since TOD, you should be able to get a retro-value.
now if someone has trashed the place since then, it will be difficult to determine.... more
I have read the answers which you have received and agree. You do need to have your agent do the Absorption Rate for you so you can see where you are positioned. I would suggest to have your agent take you to look at some of your competition so you can do a physical observation and you will see what other buyers are comparing. One of my real estate instructors stated that if you want to get the attention of the general public, you need to do a 5% price reduction. Thanks, Nancy... more