by David Strauss, Attorney, O'Kelley and Sorohan
The current market for residential real estate is a decidedly seller’s market. A record low inventory of homes for sale, coupled with an increased demand for homes to purchase has led to an incredibly competitive marketplace. As a result, many Buyers are making offers to purchase homes that are well above asking price, allow the Seller to have temporary occupancy of the home after closing, have a large amount of earnest money, and waive contract contingencies in favor of the buyer. Such an offer may win the deal but it does not come without significantly more risk than normal for a Buyer.
Below are some common tactics Buyers are using to be competitive in today’s market. Buyers should understand what it means to make such an offer and the risk the expose themselves to in doing so.
WAIVING DUE DILIGENCE
What is Due Diligence?
Due diligence is a time where...