One of the most important questions a listing agent should ask. 10-26-17

Is the contingency for the sale of other property built into the Third Party Financing Addendum? Dawn explains in this video and addresses one of the most important questions a listing agent should ask.

Nancy Bowen

over 4 years agoOctober 26, 2017

Good Advice.  Sellers need some help with these buyers!

Mandy Brock Coldwell Banker Frisco

over 4 years agoOctober 27, 2017

Good message! I didn't know that!!!

Mike Polsky

over 4 years agoNovember 3, 2017

I'm not clear on how the seller can force the buyer to waive the contingency for sell of other property if the seller has a back up offer that the seller wants to accept?

Blair McCartney-Associate Counsel,Allegiance Title

over 4 years agoNovember 3, 2017

Hi Mike, Seller's ability to "force" Buyer to waive it is provided in Para. B of the Addendum: "If Seller accepts a written offer to sell the Property, Seller shall notify Buyer (1) of such acceptance AND (2) that Seller requires Buyer to waive the Contingency. Buyer must waive the Contingency on or before the _____ day after Seller's notice to Buyer; otherwise the contract will terminate automatically and the earnest money will be refunded to Buyer."  Therefore, if Seller accepts a back-up, Seller can "force" the Buyer to waive the contingency under this paragraph in the sense that if Buyer does not waive it after Seller has notified Buyer, the contract automatically terminates.