Offer Contingencies

Question: What contingencies should be put in an offer?

Answer: Most offers include two standard contingencies: a financing contingency, which makes the sale dependent on the buyers' ability to obtain a loan commitment from a lender, and an inspection contingency, which allows buyers to have professionals inspect the property to their satisfaction. The list of contingencies which can be added are limitless depending on the type of property being purchased and the buyer’s particular needs in a given transaction. Other types of contingencies could include testing for radon, a survey to determine exact lot line locations, and sale of other real estate if that is necessary in order for you to close on your new purchase. If you are leaving an apartment with time left on the lease, you will probably want your offer contingent on obtaining someone to sublet your apartment. If you are purchasing a home in a suburban setting, your lender will require a current well water test and septic system evaluation in order to ascertain that the property is fit for habitability. Of course I will be more than happy to help you navigate through this very important part of your home purchasing process.