Considering the sale of your house in ? Contingencies are common in traditional real estate sales, serving to protect the buyer in the transaction. In a traditional sale everything can be negotiated. Should the specified aspects of the contingency fail to meet the guidelines within a given timeline, the buyer may walk away or choose to renegotiate.
The contingencies buyers may add to a contract are limitless, but some are widely known and have become standard in home sales.
While the terms of contingencies are in the process of being met, you as the seller may continue to consider other offers but cannot enter into a second contract. Regrettably, deals that fall apart over contingencies add to the number of days your home is on the market, and this often equates to a lower final sales price on a home.
We will explore what you need to know about contingencies before selling your house in .
Inspection
The most common contingencies before selling your house in have to do with the home inspection. Today a quality home inspection very thoroughly look at every aspect of the home and produce a report. I’ve seen reports 92 pages long for a 2000 sq ft single family residence. Even in todays hot market its common practice for a buyer may ask for credit towards the repairs or request the repairs be made before closing if they don’t back out of the deal altogether. One way to avoid the fearful anticipation of the outcome is to hire an inspector before listing the property. Though it may not be pretty, having a realistic picture can help you decide the best course of action for selling your home.
Oil tanks are a major cause for concern for any buyer today. Stricter laws make it common practice for removing these unused structures from the ground. Again this can be the cause much cost if the tank is found to has leaked oil over time. We have a team of specialists that handle this situations. This takes the guess work out of the cost of remediation. As a professional home buyer its my job to solve oil tank issues in reasonable manner.
Appraisal
Your buyer may add an appraisal contingency to the contract if the home’s value is in question. Should your home appraise for less than the offer, the buyer may back out, or you may attempt to renegotiate before selling your house in . In recent months the appreciation of real estate has created many situations where a property is being bought above the banks appraised value.
Sale of Current Home
Before selling your house in , you should know that buyers may come to the table with an offer contingent upon selling their current home, which is a great deal to ask, especially when your bills will keep rolling in each month until yours closes. Therefore, if you consider their offer, you’ll want to learn more about where they are in the process of their sale and how close their closing date is.
Financing
You can expect a contingency based on your buyer’s financing approval before selling your house in unless you received a cash offer. Therefore, pre-screening for preapproved buyers can help avoid the letdown of a lost deal. A quality listing agent with call the lender of the buyer to protect your interests knowing the buyer has a good chance of being approved for the mortgage. However, even when preapproved, the process of attaining a mortgage loan can be time-consuming so consider the costs of owning your property during the waiting period as you weigh these types of offers against others.
Jason Buys Houses NJ
Rather than a traditional sale, a direct sale of your home to Jason Buys Houses NJ can help eliminate all contingencies. Jason Buys Houses NJ makes selling your house in easy with straightforward contracts. The professionals at Jason Buys Houses NJ will lay out the details of our offer to compare how much you would earn through a traditional listing vs. a direct sale. At Jason Buys Houses NJ, will make you an offer you agree is fair is for your home, as-is. Selling directly to Jason Buys Houses NJ means you could have your cash in hand in a matter of days, or we can wait till you’re ready to move; just let us know the date you want to close. Contact Jason Buys Houses NJ at 201-815-4016 today!