Home Buying Tip - Getting Out of a Contract

I offer this tip for a few reasons. One of them is so non-cash buyers can compete with cash buyers. Most banks selling foreclosed properties require an As-Is contract. They believe this means the buyer is locked in, but in fact, it gives the buyer complete control of the contract through the inspection period. Please remember I am a Florida real estate broker, so I am only referring to what goes on here in Florida.

More specifically, here in Florida we have what is called a FAR/BAR As Is contract. This means the contract was written by and approved by the Florida Association of Realtors (FAR) and the Florida Bar Association (BAR). You can't get much better than that, right? Well, let's examine what this "AS IS" contract means.

The AS IS contract in Florida has what I call the Buyer "OUT" Clause that reads like this . . .

. . . if Buyer determines, in Buyer;s sole discretion, that the property is not cceptable to Buyer, Buyer may cancel this Contract . . .

So here we have a contract that provides a 100% lock guarantee that the Buyer can back out for any reason whatsoever . . . and the Seller has no right to remedy. Period. Full Stop.

I can tell you that most banks and builders have no clue this clause is in the contract or that it means they Buyer can back out for "any reason whatsoever," which means if the buyer changed their underwear and decided to change the deal, they are out . . . and the seller must return all deposits. The only catch, is that this clause only applies during the Inspection Period. No big deal there because most contracts give the Buyer 10-20 days to do the inspection.

This . . . my friends . . . is the way to make sure you can get out of a contract, and there is not a judge in the English speaking world that will deny you.

For more information on Florida Homes and Home Buying, visit our website - http://www.floridahomes.pro/
.