Marshall, VA 20115
- Type:Single Family
- Size:3,850 Sqft
- Lot:6.43 Acres
- Heating:Heating Oil
- Basement:Finished, 1,260 Sqft
- Garage:Detached, 3 Car
Type of Sale: Traditional
Acceptable Financing: Cash, Conventional, VA, USDA, FHA, FHA 203(k)
Earnest Money Deposit: 1%
Days to Close: 60
Buyer's Premium: 0.5%
Buyer to pay for: Termite inspection, radon inspection, septic inspection, well inspection, appraisal, home inspection.
Other Information: THIS IS A SAMPLE LISTING CREATED FOR DEMO PURPOSES. THIS PROPERY IS NOT REAL AND THUS, NOT FOR SALE. FEEL FREE TO TEST OUT THE BIDDING PROCCESS BELOW.
This feature gives the seller the opportunity to tweak the terms of the standard local contract that is the basis of a buyer's offer. By creating this addendum, the seller is outlining changes they seek to the standard local contract and will expect this signed addendum to accompany the winning buyer's formal offer should the buyer agree to the terms outlined within.
Buyers may reject the terms outlined in the Seller Addendum and still place their bid, but they should do so knowing that a competing party with a similar offer, which agrees to the seller's terms, may be chosen instead of them to make a formal offer and purchase the property.
Agents should note that while BidLion does provide a general, default template option that allows the listing agent to create a Seller Addendum with ease, the terms within the Seller Addendum are always customized to fit the property and address the seller's wishes. Thus, the terms outlined within the Seller Addendum are, in fact, the seller's terms and should not be thought of as terms that BidLion is advocating in any way.
When creating a Seller Addendum, all agents are advised to make a conscientious effort to outline terms that do not conflict with their local real-estate laws and are fair to both parties of the real-estate transaction.
Low appraisals are becoming more common and can destroy a real estate deal unless the parties involved can mutually agree on a solution.
In the event the seller has chosen not to establish the value of their property in advance by receiving a free appraisal from BidLion upon listing, there may be a possibility that this scenario could occur.
For such cases, BidLion has created the Appraisal Addendum feature, which allows the buyer to express their capability and/or willingness to work through this problem with the seller should it occur after contract ratification. This eliminates surprise, gives both parties clarity on what will happen should the situation arise, provides the buyer with yet another tool to separate themself from the competition, and provides the seller with yet another tool to evaluate that competition.
(NOTE: The Appraisal Addendum is not required and is irrelevant to the buyer who is incapable or unwilling to pay more than the appraised value. It is simply provided here for everyone else to download.)