How Contingencies Protect You as a Buyer

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Last time I spoke with you I mentioned something called a 'contingent offer'. This term is really just a fancy way to say 'if'. Such as: "I will buy your property contingent upon (if) such and such happens." Contingencies could depend on home inspections, neighborhood association contracts, and much more.

Contingencies are crucial for opting out of contracts that have gone awry. A good buyer's agent will have contingencies that protect his client, as well as sound reasonable to the seller so as not to scare them away from a contract.

• Mortgage Contingencies: Even if a bank approves a buyer, things can change. He/she may lose a job or acquire a new one, which would affect their credit. A mortgage contingency allows a buyer to opt out of a contract and get a deposit back if things do not go according to plan.
• Inspection Contingency: Most offers are contingent upon a satisfactory home inspection. Here in central Pennsylvania, pest inspections and radon inspections are often very important in reaching a sales agreement.

There are other factors to consider as well, like contingencies for clarifying information, such as understanding the rules and regulations of a neighborhood. You would need and want to know these things before committing to a property in a contract.

Time frames play a key role with contingencies, as with many other aspects of real estate agreements.

For writing reasonable & logical contingencies into a contract, you will need the assistance of a knowledgeable and professional salesperson like myself.
Thanks again for listening, and if you have any further questions I would be glad to hear you out.

Call me at (814) 880-2308 or (814) 234-4000 and email me at christurleybbk@comcast.net

Should I Sell My Home First or Buy the Next One First?

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Welcome back! Now is the time that most people are thinking about moving. The question then is how do you get from your current house to your new house. Do you sell first or do you buy first?

You have a few different options. If you want to purchase before selling, one of those options is a contingent offer. A contingent offer tells the seller you will purchase their home as long as your home sells. Now, as you can imagine, sellers aren't always excited about this.

Sellers will be less likely to negotiate on price with contingent offers. They also will want to continue to market their home. What if you find another home you like? You're locked in to that contingent offer.

When it comes to buying and selling, it's important that you work with an experienced agent who can help you explore all the options and find which one is best for you. Give me a call today and let's talk about your next real estate move!

How the Negotiating Process Works

Welcome back to my video blog! I wanted to continue our discussion on offers, but today I wanted to focus on the negotiating process.

The thing to keep in mind is that the best way to get what you want is to help that person get exactly what they want. Let’s say you want to make an offer on a home that is significantly lower than the asking price. How can you make sure not to offend the seller?

Make a strong deposit. Doing this can help set the seller at ease and you aren’t paying anything extra in the end either.

Clean up your offer. What do I mean by that? Receiving a low offer can be a hard pill to swallow for the seller, so why don’t you take care of  the other contingencies.  Maybe waive the radon check; not because you don’t care, but because it’s one less thing the seller needs to pay for.

If the settlement date doesn’t matter to you, let the seller know that when you make the offer. You want the seller to feel comfortable with all other parts of an offer.

If you have any questions or need an agent to help you make an offer, please give me a call! Thanks for watching!