A Seller’s Guide to Buyer Contingencies
The 5 Most Common Contingencies
1. The Home Inspection--–This contingency allows the buyer the right of a professional inspection to determine the condition of the home, these are typically performed and responded to within 7-10 days. The inspection will address any safety, fire, and system condition issues.
2. The Appraisal---Unless the buyer is able to "waive" this, a professional appraisal will be ordered to ensure the purchase price is at fair market value.
3. Final Loan Approval--–This contingency protects the buyer in the event they are unable to obtain final loan approval.
4. Sale of the Buyers Current Home--–This can be risky, depending on your market and timeline. Make sure you ask for a copy of the buyers purchase agreement for the sale of their home to see which contingencies they still need to clear, before they can move forward with the purchase of your home. Most relocation sellers will not accept a sale based on this condition.
5. Title Contingency–--This protects the buyer if the seller does not have the “right” to sell the home due to unforeseen ownership issues.
Understanding Buyer's Contingencies and the timelines they have have to remove them, will help you make informed decision when choosing the best offer for your property.
For more information about contingencies, call, text or email me at Kate Ross #219-386-3303 or visit my website at www.KateRossSellsHomes.com