Home Goes Under Contract-Dates, Deadlines, and Earnest $

Once you obtain an offer on your home, it is time to celebrate as it may take several rounds of negotiation before a final price and terms are accepted.

Inclusions and Exclusions

The buyer may ask for certain items to be included in the sale. Most of these items are items you may have already agreed to leave behind. For example, the buyer may want the kitchen appliances and the washer and dryer. If you agree to leave an item with the house, you must make sure they stay in the home. You cannot take them or sell them.

Dates, deadlines, and Earnest Money

The contract will include many dates and deadlines for items that must be done by a certain date. These dates include things such as when the buyer must complete their inspection and appraisal. Please be aware that a buyer can terminate their contract before their deadlines and get their earnest money back. Therefore, if a buyer terminates a contract because their loan approval did not go through and they terminate before their deadline, they can get their earnest money back. If a buyer terminates after their deadline, the seller is usually able to keep the earnest money. However, as the seller, you are locked in when you sign the contract and cannot terminate.  There are a few exceptions though and as your agents we know ways to help you get out of a contract if you happen to receive a higher offer.

When a buyer goes under contract, they must put earnest money down. The amount of earnest money typically depends on the sales price. $1000 to $2000 is standard unless the home is higher priced. The earnest money is consideration for the purchase transaction and shows that the buyer is working in good faith to buy your house.