As discussed in the prior piece on Form 22A, the statewide financing contingency form in many ways heavily favors the interests of buyers. That is because absent drafting custom language, the financing contingency can remain as a buyer protection though the date of closing. After the passage of a specified period of time the seller can ask the buyer to waive the contingency, but the seller cannot force the buyer to do so. Therefore if a buyer cannot get financing, and their offer contains a non-waived Form 22A financing contingency, then the buyer will not be in breach of contract if they cannot close due to lack of financing…
Statewide Form 22A—Financing Contingency: The Seller’s Perspective
Most offers written within the Northwest Multiple Listing Service area use what are referred to as the “statewide forms,” a collection of real estate forms which can be selected and completed by real estate brokers and others. While some attorneys might argue those are not the best forms, they are in general well balanced between the interests of buyers and sellers, and serve the parties well. In contrast, there is one form, the Form 22A financing contingency, which some argue heavily favors the interests of buyers, and which I would argue is poorly drafted…
Zillow Can’t Even Get the Listing Details Right on CEO Spencer Rascoff’s Own Home
People occasionally ask why I am not a fan of Zillow. Here’s a good example, that just so happens to be Zillow CEO Spencer Rascoff’s own home…
October Reporting Roundup: Predictions and Superstitions Edition
NWMLS: Sales Slip Slightly from September to October
October market stats were published by the NWMLS yesterday. I continue to be surprised that prices are not up 10 to 20 percent year-over-year, with the strong sales and weak inventory numbers we’ve seen all year…