I know, it’s a weird title. But bear with me and you will understand. I submitted a contract for my Buyer on a home. I submitted the offer on a FAR/BAR form. No AS-IS, just a straight contract for sale, plus two addenda: appraisal and FHA. Inspections were done and repair estimates were submitted and the Seller’s agent says, we don’t have to make repairs, so I said read the contract, upon which time he said we could negotiate the cost. Appraisal came in under contract price and since the Seller would not come down in price, a release of deposit was sent. Now here comes the best part, the Seller’s agent responds with the fact that the Seller should receive the deposit. I said again, read the contract. So what do you think?? Addenda supersede the contract and since everything was done in a timely fashion, Buyer is entitled to a return of his deposit.
So how many REALTORS don’t know what the contract says, I will bet you more than not. They are so accustomed to listing and/or selling that they don’t pay attention to what the instrument says and that my fellow REALTORS, is what governs our actions in the sale of real estate. So if you don’t understand the contract, then attend a class about Florida contracts that are used in our state, and only then will you never hear…..“Read the Contract”.
Until Next Monday,