Waiving Contingencies: In an effort to make their offer the most attractive offer possible, in a multiple-offer situation, some buyers are waiving absolutely every contingency they can think of. But there are some things that aren’t waivable, such as the lead-based paint disclosure, which is a federal disclosure. Some states may have non-waivable disclosures, such as homeowner association disclosure packets.

Some buyers are waiving the appraisal contingency and sellers may require proof of funds to cover any gap in the appraisal. 

Escalation Clauses: This is a clause in the offer that states if a competing bona fide offer is made on the property, the buyer’s offer will automatically increase by a certain dollar amount over the competing offer up to a maximum. These can get very messy very quickly.

Love Letters: This includes any communication that accompanies an offer from the buyer to the seller, such as a letter, video, or photos. The problem is these letters often innocently include personal information that reveals a prohibited basis for discrimination, including race, color, religion, national origin, sex, familial status, and disability. For example, if a letter says, “We can see our family celebrating Christmas around the fireplace,” or, “The wide hallways can accommodate my wheelchair,” there are potential fair housing issues.

Call today for a home valuation to see how much your home may be worth.