November 15, 2006

Escape Clauses for Buyers

Escape Clauses for Buyers

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As housing markets have cooled, buyers are making demands that wouldn't have flown during frothier times.

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"The market has turned in the direction of buyers," say Chuck Bartolo, a broker in Spencertown, New York. "They're feeling empowered."

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In addition to agreeing to make more repairs, to lower their prices and to throw in extras to get deals done, sellers are also more willing to accept contingency clauses in the contracts that make the sale dependent on certain conditions being met.

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