What Are Contingencies???

What are contingencies? Contingencies are when a buyer has made an offer on a home and the seller has accepted it, but the final sale’s contingent upon certain criteria being met. This criteria or contingencies, typically fall under four major categories, appraisal, loan approval, inspections, and reports and disclosures. This is when buyers have the time to do their due diligence and learn the ins and outs of the house. They usually have a home inspection, a roof inspection, chimney inspection, and termite inspection, and if you have a septic, they have a septic inspection and a well inspection. And any other inspections that are typical for the area.

Depending on where you live, the buyer may want to have other inspections like mold, HVC, soil, pipes, et cetera. It depends on what is customary due to problems or issues that typically arise in the area in which you’re selling your home. In regards to reports, those encompass full disclosures on both the inside and outside on anything and everything to do with your home. Watch the disclosure video to see what you should disclose.

 

— Krista Mashore