Must Have Contingencies For Buyers

Business people discussing a contract

Must Have Contingencies For Buyers

If you are a seller and you want to sell your home quickly, contact us here at CaneStar Homes and provide your contact information and or property information for a quick response. On the other hand if you are home buyer, you couldn’t be in better hands than being handled by our ace realtor – Lee Chambers. Lee has some pointers to provide on home selling contingencies. We’d be happy to talk you in detail about any of these just give us a call.

In a high competition market, you may be tempted to do whatever you can to entice the seller to accept your offer. Buyers write offer letters, provide large down payments, or waive the inspection. Sometimes, this strategy includes removing contingencies from your contract.

Beware. Removing contingencies can easily become a nightmare for you as a buyer. Certain contingencies should be kept no matter how much you think you should waive them for enticement.

The Home Inspection Contingency

This contingency is basically universally recommended by realtors everywhere. This contingency allows you to get a licensed home inspector who will check the property. The inspection typically should be done about 7 days to 10 days  from the time you sign the purchase agreement for the home.

Following the inspection, you as the buyer can request that the seller make certain repairs. The seller can either make the repairs or provide a counter offer. If you’re not satisfied or cannot reach an agreement, you can back out of the deal and still get your money back.

Without this contingency, you’ll never know what’s wrong with the home until you move in it. It’s a huge risk to take to move into a home without understanding all of its moving parts. Is the roof stable? Has the basement flooded? Will the appliances last? There are plenty of questions that you might have about a home that can be answered simply through an inspection. Also related to the home inspection but a totally different contingencies are the wood damaging insect and Radon inspections. Contact us for more information on these.

Financing Contingency

This is an important contingency. Your offer on the property will depend on being able to get the financing you need to purchase the home. With this protection in place, in the event that you can’t get a loan, you’ll get your deposit on the home back. Be sure that the clause specifies the number of days that would be recommended by your lender to have the mortgage approved.

Appraisal Contingency

This could be the most important contingency of all. Please click here to go to our blog website for more information about this contingency.