Important Forms Often Overlooked – Additional Clause Addendum, Mold Disclosure, Buyer Appraisal Waiver, Buyer Pre-Closing Walkthrough

All important forms in their own right. They all tend to get overlooked amongst all the new forms and new revisions since August….but good to sort.

The Additional Clause Addendum – We were told to use as often as possible. It’s a good form for using as back up offer or positioning. Sellers should be accepting backup offers, upwards of 10% of deals can fall through for varying reasons. In fact a backup offer can be a better offer than the accepted offer. Something to keep in mind. A seller may want a backup offer especially when it comes to inspections on their existing accepted offer and they don’t want to deal with the demands or should that deal fall through. A few other reasons to sign the form, like in advance to exclude spouse, etc, or corporate relocation, some things to pay attention to.

Plus a backup offer can be rescinded and language used to let the seller know. But sellers should consider backup offers.

Mold Disclosure. Not the most exciting part of real estate but often overlooked. Besides the toxic and potential unhealthy situation mold can be overlooked, especially here in Arizona even on new homes. It was just discussed how a 3.5 million dollar home closed and they discovered at cleaning before taking the home that there was a mold issue, lesson being – get it inspected. You want to know about the condition before closing be it a $350,000 home or $3.5 million dollar home. Let it be a reminder for inspecting all things if important to the buyer. But mold can be overlooked when getting inspections. From roof leaks to other leaks…it can be a problem.

Buyer Appraisal Waiver. Got to be careful. It’s up to the buyer, depends on if cash buyer or not cash buyer but even if cash buyer they make all decisions on conditions of buying. Can waive it but there is language to pay attention to as buyer may need to bring additional money to the table, so have to make sure they can afford that at lending. Got to be careful when waiving appraisals, should it fail to appraise.

Buyer Pre-Closing Walkthrough. Important document, so important our broker wants this form on file even for the Listing side. This is the cure should anything go wrong at inspections. *Coldwell Banker Realty does not want us doing inspections or doing it on behalf or even doing with video in their absence if not on premise.

A day in the life of POWER HOUR.