Making an offer on a property can be a nerve-wracking experience for buyers. They want to make sure they get the best deal possible while still being fair to the seller. Fortunately, buyers have the ability to request certain items or contingencies in their offers that can help protect their interests. In this article, we’ll take a closer look at what buyers can request for in their offers.
- Home Inspection
One of the most common contingencies that buyers include in their offers is a home inspection contingency. This allows buyers to have a professional inspector evaluate the property for any defects or issues that may not be immediately apparent. If significant issues are found, the buyer may have the option to renegotiate the purchase price or ask the seller to make repairs before closing.
- Appraisal Contingency
Another common contingency that buyers may include in their offers is an appraisal contingency. This contingency ensures that the property is valued at or above the agreed-upon purchase price. If the property appraises for less than the purchase price, the buyer may have the option to renegotiate the purchase price or terminate the contract.
- Financing Contingency
A financing contingency protects the buyer in case they are unable to secure financing for the property. This contingency allows the buyer to back out of the contract without penalty if their financing falls through.
- Personal Property
Buyers may also request that certain personal property be included in the sale, such as appliances, furniture, or other items that are not attached to the property. This can be negotiated between the buyer and the seller as part of the purchase agreement.
- Closing Date
The closing date is another negotiable item in the purchase agreement. Buyers may request a specific closing date that works with their schedule, or they may negotiate a closing date that allows them to move into the property before the closing date.
- Home Warranty
A home warranty is a service contract that covers the repair or replacement of certain home systems and appliances. Buyers may request that the seller provide a home warranty as part of the purchase agreement.
There are other contingencies for buyers and sellers alike. One example is a contingency that allows a seller to sell their home (or get it under contract) in order to purchase their next home. Other contingencies are less common, but it never hurts to ask if it’s something that could be tied into the transaction.
When making an offer on a property, buyers have the ability to request certain items or contingencies to protect their interests. These may include a home inspection contingency, appraisal contingency, financing contingency, personal property, closing date, and home warranty. Buyers should work closely with their real estate agent to determine which contingencies are appropriate for their situation and negotiate a purchase agreement that works for both parties.