Archive for October 2024
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Will You Remove Contingencies From Your Offer In A Multiple Offer Scenario Regardless Of Whether The Competing Offers Have Those Very Same Contingencies? |
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 A house comes on the market, and you like it, and it is priced reasonably. You make a full price offer on the house with a home inspection contingency. Then, you get notified that another offer has been received on the house. Since the time that you made the offer, you have decided that you don't just like the house you LOVE it. You don't want to miss out on this one. So, do you remove the home inspection contingency? You don't know whether the other competing offer has an inspection contingency. You also don't know what other contingencies exist in that other offer. You could leave the inspection contingency in place if you are not comfortable buying this home (or any home) without conducting a home inspection. You could remove the inspection contingency to try to make your offer as competitive as possible - though if the other offer also had an inspection contingency, maybe you didn't need to remove it? Or, trying to hit the middle ground in some ways... perhaps you add language to your home inspection contingency to only keep the contingency in place if the competing offer does not have an inspection contingency. Side note on this last strategy... If you offer $400K with an inspection contingency -- and your inspection contingency includes language to only keep it in place if the competing offer does not have an inspection contingency... And if the competing offer was $402K with an inspection contingency... Then you might lose out on the house - because both offers had an inspection contingency and your offer was at a slightly lower price - whereas your offer might have been selected if you had removed your inspection contingency from your offer that was at a slightly lower price than the competing offer. A single best way to navigate this issue - when to include or remove contingencies - does not exist. But, it is important to keep in mind the myriad of contingencies that competing offers may or may not have when you start to modify your offer terms based on a competing offer with unknown terms. | |
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Most Buyers Will Want You To Move Out Of Your Home By The Closing Date |
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 So, you're getting ready to sell your home... but you're also buying a home... and you're wondering how this will all work out if you have to be out of one house by the closing date and can't move into the new house until that same closing date. Indeed, a good question. I'll start by pointing out that... Most Buyers Will Want You To Move Out Of Your Home By The Closing Date It's certainly possible that some buyers for your home might be willing to let you rent back for a few days or even a few weeks after closing... but that isn't likely to be most of the buyers. Most buyers will actually want to have access to the house as of the closing date... and will want you to be out of there at that time. Given that most buyers will want you to have moved out of the house by the closing date, what is a seller/buyer to do? The typical options would be... 1. Ask your buyer again, really, really nicely, if they'd let you stay in the house for a few days (or more) after closing. 2. Ask the seller of the home you are buying if they would let you move into the new house a few days (or more) before closing. 3. Move everything out of your current house and into a moving truck the day before closing, close the following day, move everything into your new house later in the day on the closing day. Yes, stressful. 4. Move out of your house, put things in storage, move into your new home a few days or weeks later depending on when that closing take place. Etc., etc., etc. Point being... you can't necessarily assume, as a seller, that you will be able to stay in your home any later than the closing date for the sale of that home. It will be awesome, of course, if a buyer will allow you to stay in the house after closing, but don't expect it or count on it. | |
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Rockingham County May Start Limiting The Pace At Which New Home Communities Can Be Built |
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 The Rockingham County Planning Commission will meet this evening to discuss a potential change to the Rockingham County Zoning Ordinance to limit how quickly new home developments can be built. In summary -- the Planning Commission is considering a change that would only allow developments to obtain (30) building permits within any (12) month period. Thus, if a new 240 home development were proposed... this new limit would only allow 30 such new homes to be built a year, stretching out the development over eight years in this example. This change is being proposed for the R-1, R-2 and R-3 zoning classifications in Rockingham County. This change, if approved, would seem likely to have a few significant impacts on the local community... 1. Fewer homes would be built. 2. Assuming that demand continues to grow, home prices would likely rise due to constraints on how quickly new developments can be built. 3. Fewer new housing developments would be proposed given the limit to the pace at which such a new home community could be built. The proposed changes to the Zoning Ordinance to note that a developer can request a special use permit to exceed this limit of (30) building permits a year. If you are interested in hearing more about this proposal, the Planning Commission meets this evening at 6:30 PM at the Rockingham County Administration Center at 20 East Gay Street, Harrisonburg, VA. | |
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Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
Licensed in the
Commonwealth of Virginia
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