Now we’re in contract prior to contingencies being removed. Now we’re in business.

We have to go through the contingency timeframes. The buyer now looks to secure their loan, having inspections on the property and review all of the reports and disclosures. During the contingency time frame, the buyer can back out of the home, if they’re not happy with what they discovered on any of the reports, disclosures or the inspection that they’re having done. After reviewing the reports and having the inspections, this is typically when the buyer would be asking for repairs. Or they could possibly be asking for credits for things that they found during these inspections. Buyer also has an option to back out of the home if they choose, or if they have requests that we cannot come up to a mutual agreement between the buyer and the seller. We need to understand that if a home does not appraise for the contractual amount, that the lender will only loan on the appraised value and obviously they take into consideration what the buyer is actually qualified for. Any additional money required would need to be made up from the buyer or the seller would have to agree to adjust the contractual price.

As a seller, we cannot retain their deposit. This is why it’s essential to hire an agent like myself, who knows how to properly vet buyers and their offer to ask the right questions, and ask the right conversation to the agent and the lender. The buyer’s deposit are only at risk if they officially have removed their contingencies. So I always advise my clients not to start packing their bags until all contingencies have been removed. Also be sure to get contingencies remove as soon as possible and see what the contractual timeline as much as you can. Once the contingencies are removed, well, now you get a little relief and have more assurance that the home is actually gonna go through and you should be moving soon.

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