Asked by Jm, Los Angeles, CA • Mon Mar 17, 2008
My agent is telling me that I can sign off on the physical inspection contingency and not be worried because I can still pull out later citing a physical issue with the house. This is because I will still have the loan contingency and appraisal contingency in place. This seems counter-intuitive to me because it seems that if a buyer signs off on the physical contingency, then they should not be able to later on complain about a physical aspect of the house. It would seem to me that once the physical contingency is signed then the reason cited for pulling out by the buyer must be loan or appraisal related. Is this true?
Also, my agent wants me to sign off on the physical contingency without having reached a firm agreement with the seller on what repairs are to be done. Is this good advice? It seems to me that if a buyer does this, the buyer loses negotiating power in terms of the repairs to be done. Please help!
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