Let’s say you are selling your home. It’s been under contract, you’re three days away from closing, and you’re all ready and packed up. Suddenly, you receive that dreaded call that the buyer is walking away. What’s more, they’re taking their earnest money with them, which can be done in the state of Arizona.
We like to bump up the timeframe that allows them to back out of the deal prior to close of escrow from three days to 10 or even 14 days. That way, both parties know that there’s a hard stop, so if the buyer isn’t able to obtain loan approval 10 (or 14) days before close of escrow, their earnest money is not refundable.
We always aim to put your best interests at the forefront. If you have any questions about loan contingencies or any questions at all about real estate, give us a call or send us an email. We would be happy to help you!