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In your contract, paragraph 23 gives the buyer the right to end the contract for any reason. Usually for 7-10 days. We call this the time the “Option Period”.
During this time the buyer inspects the home to determine if the condition is acceptable. The buyer’s choice is to end the contract and get their earnest money back, take the house as-is, or negotiate.
The negotiation begins with a contract amendment sent from the buyer’s agent. Usually, with a list of repairs for the seller to complete before closing. Sometimes, it is a few little things or sometimes it is a big list. Rarely, is the home accepted as-is without negotiating. All houses have some problems and the seller does not have a duty to do any repairs.
The seller’s options are:
(1) accept it and do the work as requested
(2) offer money for some or part of it,
(3) refuse to do some or all it, or
(4) agree to some combination.
The amount of money is the consideration of the cost to get the work done. If you offer money, offer it first in the form of a reduced price to further protect the appraisal value. Second, as a payment towards buyer closing costs.
Sometimes it is a tough negotiation. Usually, an agreement must take place for the contract to continue. If the buyer does not terminate before the deadline the contract continues and the unrestricted right ends. Buyer and seller must consider their options to establish their negotiating position. Any repairs made by the seller must be in accordance with Paragraph 7.
Notice: This website contains general information about possible legal and financial matters. The information is not advice, and should not be treated as such. You must not rely on the information on this website as an alternative to legal or financial advice from your attorney, accountant, or other professional legal services provider. If you have any specific questions about any legal and financial matter you should consult your attorney, accountant, or other professional legal services
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I’m excited to announce that after 18 years of providing dedicated service, our clients have collectively saved over $10,000,000 in commissions! Among these savings are over $1,100,000 for clients who found unrepresented buyers and were able to avoid any selling costs. On top of that, we’ve distributed more than $330,000 in incentive rebates to over 100 satisfied buyers. These remarkable achievements are a true testament to our commitment to providing high-quality, cost-effective real estate services to our clients.Tod G. Franklin – Realtor®, Broker, Owner, and multi-million dollar producer at DFWCityhomes
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