Once you have found the perfect house and the seller accepts your offer, you will enter into a contract to buy the house.
The contract will cover everything that has been agreed-upon from the beginning of the transaction to the day you will receive the keys to your new home.
What Are Contingencies?
Real estate contingencies are placed to ensure the sale goes through. They are not necessarily bad.
There are several factors that could cause the sale to fail. Contingencies protect both, the seller and the buyer from things that could go wrong in the transaction.
Contingencies can protect you from losing tons of money, they can be the reason you are able to walk out of a deal (if you have good reasons to walk away) without losing your money.
There are four main contingencies written into most real estate transactions: appraisal, home inspection, financing and home sale contingencies.
Each of these is important to a sale contract.
Buying a house is a very emotional and exciting process, but the process is long and it covers many different factors such as contingencies.
You have to make sure you have the right representation. A lot of money is at stake and hiring an inexperienced agent could cost you a lot of money.
If you are ready to buy a home, Give us a call!