Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Thursday, April 21, 2022
So, you're getting ready to make an offer on a super popular new listing. You've heard that there have been 12 showings thus far, and there are already three offers on the table.
You're going through the list of contract terms that you'll propose...
- offering price - high
- escalation clause - probably
- financing contingency - gotta be there
- appraisal contingency - maybe not
- inspection contingency - hmmmm....
Let's arbitrarily and inexactly throw all homes into one of two categories...
- Older and/or Poorly Maintained
- Newer and/or Well Maintained
Many buyers who are considering properties in the first category (older and/or poorly maintained) are hesitant - reasonably so - to skip the home inspection contingency.
Here's where things get interesting, though...
Some buyers who are considering properties in the second category (newer and/or well maintained) think that a seller of such a property probably doesn't mind an inspection contingency because, after all, their property is newer and/or well maintained.
And yes, that is true. Those property sellers very likely don't mind a home inspection contingency all that much...
...but...
- Chances are, you're competing with other buyers who are not including an inspection contingency... because the property is newer and/or well maintained... and... as my title suggests...
- Even home sellers of newer or well maintained homes enjoy offers without inspection contingencies. :-)
That's not to say that all buyers should be making offers without inspection contingencies as long as a property is newer and/or well maintained...
...but at some point you have to do the calculus of what offer terms are most likely to secure you a contract to actually buy a house.
Even if a home sellers has nothing to be worried about in home inspection category, they still enjoy be able to consider an offer without such a contingency!
