Is This Common when Bidding on a House?
We are selling a cottage on the river for $250,000. Couple made a bid of $220,000 and had a list of terms. One was that they would have the house appraised and if it didn't appraise at the selling price, they wouldn't have to buy it.
Just wondered if that was standard procedure. I had never heard of it before. They also wanted us to pay for a home warranty. What is usually done in that case? Does the seller pay for it or does the seller or do they split it?
We made a counter-offer which they declined, so it's a moot point, I was just curious.