After you find the single family house you want to buy, you will have to write an offer for it and submit it to the seller. The offer you write will likely include contingencies, and as the buyer of the house, you will probably need to work on some of the contingencies as soon as the seller accepts your offer. If you are not sure how this works or what this involves, here are several things to understand about it.
The Role of Contingencies
Contingencies serve two main roles in a real estate deal. The first role is to request something from the seller. If you do this and the seller accepts the offer, you should expect the seller to follow through, as the offer is a legal and binding contract. The second role of a contingency is to provide protection for the buyer. When you add certain contingencies to the offer, it is because you are trying to protect yourself as much as possible in the real estate deal.
The Types You Might Include
When it comes to contingencies, there are some you might add that are requests from the seller. For example, you might ask the seller to pay $3,000 of your closing costs, or you might ask the seller to fix the wall in the living room that has a big hole in it. If the seller agrees to these types of things, you should make sure he or she completes them before closing.
You might also include several contingencies to protect yourself, which might include a financing contingency and a home inspection contingency. The financing one simply states that the deal is off if you cannot get a loan to buy the house. The home inspection one would state that you do not have to go through the purchase of the house if the house has issues discovered during the home inspection that you were not aware of.
The Steps You Will Need to Take to Handle the Contingencies
If there are contingencies that are there for protection, you will be responsible for handling those. For example, if you want a home inspection done, it is your responsibility to hire the home inspector and follow through with him or her with it.
The good news is that when you use a real estate agent when buying a house, he or she will help you walk through these steps after the seller accepts your offer. If you have questions or would like to begin your search for a house to buy, talk to an agent of your choice today.