Hopefully we’ve been able to successfully negotiate any inspection repairs or credits and the Realtors were able to come to an agreement on any contract changes. If the above both happen then the Realtors can officially close the inspection time period.
After that point, it’s difficult for the buyer to back out of the contract. If the buyer does back out for any reason other than not being able to get approval for the mortgage, or the appraisal price not matching purchase price or more (this rarely happens and is not a major concern), the buyer will most likely lose his/her earnest money back and instead you’ll get to keep it.
Now we patiently wait for the buyer’s loan to get approved and focus on the last remaining items to get you prepared for closing!
Questions? Call us at (303) 667-9442 or (303) 257-2038.