Contingencies refer to the things that need to happen before your home sale can be finalized. Until contingencies are met, neither you nor your buyer are contractually obligated to fulfill the home transaction.

As the seller, youʼll mainly want to pay attention to contingencies like these:

– Home inspection
– Appraisal
– Financing

Home Inspection

Even if you paid for an inspection before you listed your home, your buyer will likely want to get an inspection of their own.

So how do you know what needs to be fixed to close the deal?

Your agent can help you make the call. In some cases, you can offer cash at closing or a discount on the sales price to cover the cost of repairs. In other cases, the buyerʼs appraiser may require certain repairs for the sale to go through based on the buyerʼs loan and the value of your home.

Pro tip: Even if youʼre confident you can fix whatever the home inspection finds, hire a professional to do it.

Appraisal

One of the first steps is to price your home according to the market, but itʼs also important to do everything you can to make sure the appraisal accurately represents your home.

Hereʼs how to improve your appraisal odds:

-Leave your home sparkling clean so the appraiser knows your home has been well maintained.
-Make a detailed list of any improvements youʼve made to the home and try to include invoices or receipts.
-Ask your agent to provide a well-researched list of houses similar to yours to support your sales price.
-Give yourself plenty of time to deal with appraisal issues before closing day.

Financing

The ball may be in the buyerʼs court at this stage, but itʼs no time to sit on the sidelines. No one wins if the deal falls apart in the final seconds. Thatʼs why you need a real estate agent whoʼs willing to carry the ball to get you to the goal.

A true pro rallies for your best interests by:

-Maintaining a clear stream of communication
-Contacting the buyerʼs lender to push the approval process through on time
-Actively investigating red flags that could put your deal in danger
-Connecting the buyer with an alternate lender if the original one falls through

So how do you keep a lack of financing from killing your deal?

Look for a buyer whoʼs already been pre-approved for a mortgage. That means theyʼve submitted the required paperwork and the lender has verified exactly how much theyʼre willing to fund.

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