Coco, Early & Associates The Andovers
Coco, Early & Associates The Andovers
Lisa Fitzgerald, Coco, Early & Associates The AndoversPhone: (617) 816-0300
Email: [email protected]

5 Common Contingencies on Home Offers

by Lisa Fitzgerald 09/29/2019

Contingency in real estate means an agreement of sale that must take place to continue the transaction. There are numbers of options that buyers can include in their contracts. Below are five common home offer contingencies to consider:

Inspection contingencies

Inspections are of great benefit in the process of buying a home. They enable the buyer to know the exact condition of the property. Most home buyers know inspections cover the general examination of all the systems of the home as well as checking the interior and the exterior. Apart from that, there are other inspections like checking for damages from wood-destroying insects. The inspection contingency comes into play once all the necessary checking is complete.

Financing contingencies 

Financing contingency is essential if you are buying your apartment through a mortgage. Financing contingency gives you the opportunity and time to apply for home purchase financing. The financing contingency states that if you are unable to secure a loan for the purchase of your home, you are eligible to look for other alternative means or you back out from the sale. 

Appraisal contingency 

Appraisal contingency and financial contingency work hand in hand. One of the requirements for granting a loan by most mortgage companies is a satisfactory appraisal. Do not forget that the evaluation is what shows the fair market value of a property. Therefore, an appraisal contingency is significant because it protects you in a situation where the sales price is not at par with the fair market value.

Home sale contingencies 

The home sale contingency is the favorite among property buyers. This contingency gives you a specified period to locate a buyer for your home. If this is not achievable within the stipulated time, you have the privilege of abandoning the sales without anything happening to your money. However, this contingency is not popular among sellers, so not often practiced.

Title contingencies 

Title contingency is also significant in real estate investment. A title to the home is a record that gives information about the ownership of a property. It is a legal document that indicates the people that have owned a property in the past and present. Apart from that, it also gives a record of any judgment made in the past regarding the property.

Be sure to read up and educate yourself on various contingencies that could apply to your sale agreement, so you always have protection. Let your real estate professional advise you about appropriate contingencies to accept and ones to avoid.

About the Author
Author

Lisa Fitzgerald

PERSONALIZED REAL ESTATE SERVICES, PROFESSIONAL GUIDANCE & EXPERTISE, DELIVERED WITH SENSITIVITY TO YOUR INDIVIDUAL NEEDS.

When buying or selling a home, my priority is to make your journey stress free and enjoyable starting with the first personal meeting until after you move in. Coming to you with over a decade of real estate experience, I am equipped with a higher level of expertise to help you sell with success or help you find the right home that will meet all your needs for many years to come. As a Certified Interior Stager, I work with Sellers and offer unique strategies in transforming a home to attract more Buyers and strong offers. It gives me great pleasure assisting Buyers and Sellers coming with diverse needs and preferences. I've always been a full-time agent so I can accommodate those busy schedules. Whether you're selling or buying, you'll never be left guessing "what's next?" because I'll be with you every step of the way. I don't believe in sales pitches because my business approach is based on honesty. You will be equipped with valuable information so you can make the best most informed decisions. I look forward to earning your trust and your business. Read my client reviews to learn more. Call or text me at (617) 816-0300.

PROFESSIONAL INFO

REALTOR®: As a REALTOR®, I belong to a special network of real estate agents which empowers me to offer a higher level of service. I pledge to practice my real estate business fairly and abide by a Code of Ethics.

-Licensed in MA & NH

-Accredited Seller Representative (ASR)

-Certified Buyer Representative (CBR)

-Loss Mitigation Certification (LMC)

-Senior Real Estate Specialist (SRES)

-Interior Design Specialist (Certification John Robert Powers, Boston, MA)

-Certified Relocation Home Find & Home Sales Specialist

-Certified USAA Real Estate Agent

-First-Time Buyer Class Instructor for Various Banks

PROFESSIONAL MEMBERSHIPS

*Member of the Northeast Association of REALTORS®

*Member of the Massachusetts Association of REALTORS

*Member of the National Association of REALTORS®

*Board Member of Wilmington/Tewksbury Chamber of Commerce

* Member of Merrimac Valley Chamber of Commerce