The upshot can be sobering for the buyer. For example, it’s possible you’ll secure a more favorable interest rate than banks are offering, but it’s more likely you’ll pay more, perhaps.
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This means any kind of agreement: a contract to purchase real estate-known as a purchase offer-or a buyer’s broker agreement, documents to refinance a mortgage, a listing agreement, or any document that binds you to perform.
Signing a contract to sell a home, you see, shows clear intent and is a legally binding pact between you and the homebuyer. Obviously, you would be in default and leave yourself in a legally vulnerable position. That doesn’t mean, however, you can’t handle this the old-fashioned way: Buy yourself out of it.
Don’t sign the real estate contract if you have any doubts whatsoever. A good agent will work with you to identify your concerns and fears before you get into contract. There isn’t any sense spending time and money on inspections, loan fees and appraisals if you aren’t sure you want or can afford the home.
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