IT IS NOT, however, a requirement that you agree to make any repairs beyond the $500.00 you agreed to when you negotiated the contract.
If the buyer doesn't have the money to contribute to the necessary repairs and you are not in agreement to pay for any additional repairs beyond that which you originally agreed, then the deal is dead.
Occasionally, depending on the amount of repairs required and the cost, a new contract can be negotiated and the deal can be salvaged.
Hopefully you have good representation who can assist you with this sale and the purchase of your new home. Now, more than ever, it is imperative that buyers and sellers seek rprofessional epresentation in their real estate transactions.
The bulk of the homes on the market have little or no equity. So they either don't sell or the buyer may pay more than the home is worth when they make their purchase.
There are ways around that scenario and I strongly encourage anyone buying or selling a home in central Arkansas to find a seasoned Realtor who understands our current market, keeps up with the selling trends daily, understands the mortgage and default business, is capable of negotiating short-sale situations and up-to-date on foreclosure proceedings.
The foreclosure and mortgage modification market is affecting everyone and it cannot be ignored.
Good luck on your transaction. I wish you the best.