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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.
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
