Here’s how you can make an offer appealing despite contingencies.
In today’s real estate market, many buyers are wondering if they can even make a strong offer if they have contingencies in it. There are so many contingencies that can be at play in an offer. You have options as a homebuyer, and a professional Realtor can help make your contingencies appealing.
The first common contingency you may have as a homebuyer when writing an offer is a financing contingency. Any buyer who’s getting pre-approved for a mortgage and purchasing with a mortgage instead of cash has a financing contingency, which also means you have an appraisal contingency. This is where you have options as a buyer in today’s market. We’re seeing many buyers strengthen their offer and make it more appealing to the seller by saying that they’ll cover appraisal gaps.
“A professional Realtor can help make your contingencies appealing.”
The second common contingency as a buyer is the home inspection contingency. Some buyers in today’s market are waiving their home inspection contingency if it makes sense for that property. Here at the Holz Group, we guide our buyers on that every day. If you do choose to write your offer on a home inspection contingency, know the timing of that contingency. Sellers are going to want to see that removed as soon as possible, so the shorter your inspection timeline, the more appealing that offer is going to look to the seller.
The third contingency is a home sale contingency. This oftentimes comes into play for buyers who’re moving up to a bigger home but have another home to sell first. If you have your offer contingent on the sale of your home and you already have an accepted purchase agreement, know that any documentation you can provide along with your offer to the seller will give them peace of mind that the contingency is solid and trustworthy.
Being a buyer in today’s market doesn’t mean you have to waive all contingencies, it just means you have to be strategic about the contingencies you put in place. Have it make sense for the property in your situation and be strategic with the language in your approach.
Here at the Holz Group, we would be honored to just start the conversation with you about what you’re looking for in your next home purchase and search and give you the strategies that are working in today’s market. We look forward to hearing from you.