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What Are Contingencies?? | Mission Viejo Realtors


So what are contingencies? Contingencies are when a
buyer has made an offer on a home and the seller has accepted it. But the finalized sale is contingent upon certain criteria being met. This criteria, or contingencies, typically fall under
four major categories: appraisal, loan approval inspections, and reports and disclosures. This is a buyer’s time
to do their due diligence and learn the ins and outs of your home. They typically have a home
inspection, roof inspection, chimney inspection, termite inspection and if your home has a septic or well, expect for inspections to
be done on those as well, and any other inspections
that are typical for the area. Depending on where you
live, the buyer may want to have other inspections, like mold, HVAC, soil, pipes, et cetera. It depends on what’s customary
due to problems or issues that typically arise in the area in which you are selling your home. In regards to those reports,
those encompass full disclosure on both the inside and the outside and anything and everything
to do with the home. Watch the disclosure video that I have to see what you should be disclosing. There are also title and escrow reports, state and local reports and disclosures that the buyer has time to review during the
contingency time frame. The contingency time
frames are agreed upon in the initial contract and in most cases, are
around seven to 17 days, but in some cases, you do
have a no contingencies clause if the buyer really wrote
an aggressive offer. And California, once you
remove your contingencies, your deposit is at risk. So please be sure not to remove them until you know you’re okay
with all aspects of the home. You can ask for an extension
if you need more time. The good news is that
once all the contingencies are removed, you have much more assurance
that the home will close. I know this may seem
all a bit overwhelming, but that’s where my real
estates expertise comes in, so that I can walk you and
guide you through all of this. I’m Latrice Deluna, your
local real estate expert and as always, I’m happy to help.

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