8.  Failing to include an option period or contingency clause in the contract.  Always include a financing contingency clause in a real estate contract in case something happens and you don’t qualify for the loan or the house doesn’t appraise for the purchase price.  Also, in some states, there are option periods – typically a 7 to 14 day time period to allow the purchaser to have the house inspected.  A fee is paid for the unrestricted right to terminate the contract – no reason needed.  These clauses prevent the purchasers losing their earnest money.

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