Ep 128 “What is a Contingency?”

Welcome back everyone to “The Really REAL Real Estate Podcast!” What is a contingency? It’s a very simple, but imperative concept in the sales contract that many buyers and sellers are not aware of when they are buying or selling their home! Today, we dive into the “nitty gritty” of what a contingency is in the sales contract and why it is so important to understand this crucial concept when buying or selling your next home! TALKING POINTS (3-5): - Introduction - What is a contingency? - Why would a buyer want to include a contingency in an offer? - What are the pros/cons of using a contingency in an offer? - Pro – buyers can back out of the sales contract - Con – it makes an offer less desirable ***Buyers can still conduct these items/activities after closing when they own the home (i.e. getting a survey, etc.)*** - What are the most common contingencies in the sales contract? - Mortgage - Inspection - Appraisal - Settlement - Sale and Settlement - How long are the contingency periods in a sales contract? - What happens if a buyer needs to terminate over one of the contingencies they elected in the sales contract? - Termination is unilateral - Release of hand money is binary - Final thoughts HASH TAGS: #contingency #buyingahome #sellingahome LINKS: JASON: https://jasonwilcox.cbintouch.com/ https://www.zillow.com/profile/jasonwilcox1987/ https://www.youtube.com/channel/UCrRksfKiMNteHKYRYrinAug?view_as=subscriber https://www.facebook.com/jason.wilcox.186 https://twitter.com/jason_wilcox1 https://www.instagram.com/jason.wilcox1/ CONTACT INFORMATION: JASON: Cell Phone: 412-651-4638 Email: [email protected]