One of the most challenging parts of selling a home is dealing with multiple offers and negotiations. You might think that the best offer is going to be the one with the highest price, but there are situations in which the highest offer may not actually be in your favor.
Contingencies are terms that come along with an offer and are most often what gets negotiated with potential buyers. Contingencies can deal with everything from financing to home repairs, so it’s important to know which of these are in the best interest of sellers, and which will benefit buyers.
When you work with a real estate agent to sell your home in Redlands, CA, they’ll know how to negotiate some of these contingencies, and can advise you about those to avoid.
Contingencies That Benefit The Seller
A primary contingency for some sellers is proof that the buyer can actually pay for the property they are interested in. You could ask for letters from lenders, financial statements, and other information that verifies they can go through with the sale when you’ve accepted the offer.
It’s not a recommended path, but some sellers will add in a contingency for finding a new home, to guarantee that they don’t sell their house only to discover they don’t have another one ready to move into. If you’re worried about this, a better option is to set a specific time period – say, three weeks – and after that time period you’ll have a choice to continue with the sale or cancel it. Keep in mind, this kind of contingency may end up scaring away buyers who don’t want to deal with the chance that a sale will fall through.
Contingencies That Benefit The Buyer
Most contingencies are going to be in favor of the buyer as they are the ones writing you a big check. However, many of the most common contingencies will actually benefit both of you in the long run, as you’ll be less responsible for any future problems related to these specifics:
- Home inspections
- Lead-paint inspections
- Property restrictions
- Home appraisals
- Clear titles
Whether or not you choose to accept these contingencies should be a decision made between you and your real estate agent. However, dealing with these problems now can protect you from liability in the future.
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