Housing inventory is continuing to improve and with that we are seeing the reemergence of contingencies, which is good news! Including a contingency in your real estate offer defines a condition or action that must be met before the sale is finalized. Contingencies allow a buyer to get out of a contract and in most situations retain their earnest money.
Here are a few of the more common contingencies that can protect your investment:
A financing contingency states if something goes wrong with your financing and you are not able to obtain a loan, the contract terminates and you can back out without penalties.
An inspection contingency allows you to have a professional home inspection done on the property within an agreed to time frame.
A home sale contingency is a must if you are selling your existing property and using a portion of the funds to purchase a new one. Essentially, it says your purchase relies on your ability to sell your current home by a specific date. If you haven’t accepted an offer in that period, you can withdraw and get your earnest money back.
Contact us today to ensure that your offer stands out and your investment is protected.