In real estate transactions, it’s vital that all parties involved are protected legally. Contingencies are used as an extra layer of protection to make sure both buyers and sellers get the most out of the home buying and selling process. However, some clauses benefit one party, while potentially damaging the other.
In the world of real estate, contingent means “something depending on specific circumstances. So if a home seller accepts a contingent offer, this means the deal is almost done but won’t be complete until certain standards are met.
During the home selling process, it’s best to proceed with caution in regards to contingent offers. A standard home sale may include a home inspection contingency, giving the buyer the freedom to walk away from the home if the home inspection doesn’t come back satisfactory. This may also include forfeiting earnest money from the buyer if the sale falls through.
However, it’s vital to examine the purchase contract for all home sale contingencies, especially ones that are not standard. For example, some buyers may add a contingency clause saying the purchase of a property won’t proceed until they can sell the home they currently own.
This can greatly slow down the home selling process and waste time on the side of the home seller.
On average, around 5 percent of contingent offers in real estate fall through. However, this number doesn’t capture the cases that continued but with extra difficulty due to extra clauses in the purchase contract.
Whether there’s a mortgage contingency, home sale contingency, appraisal contingency or any other clauses, it’s vital to comb through the purchase agreement with your real estate agent for optimal results.
Knowledge and Experience You Can Count On! For most families the decision to buy a home or sell their home is an exciting and complex adventure that involves a lot of preparation and work. It can also be very time-consuming and costly if you're not familiar with all aspects of buying or selling a home. I can provide you with the best information and resources to help make this experience an enjoyable one. One of my specialties is representing the best interests of St. Lucie County and Martin County FL areas.
My comprehensive, high-quality services can save you time and money, as well as making the experience more enjoyable and less stressful. I have lived in St Lucie County for almost two decades and with over 20 years of experience as a local market expert, I can help you make the most informed decision. Whether you're buying a starter home, your dream home,an investment property, or selling your largest financial asset, I know how to handle every aspect of the buying and selling process. I can strategically market and showcase your home to find you the best deal in this market.
My top priority is to provide you with comprehensive, high-quality service. So when you decide to buy or sell your home, please contact me and let's get started! The secret to the success of Keller Williams is in the quality of its people and the relationships that they have with the communities they serve. Customers appreciate the depth and expanse of local knowledge the company’s career-oriented agents work hard to maintain. The company focus has expanded to offer our clients a full spectrum of real estate related services.
