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To Have or Forgo Contingencies When Buying a Home
To Have or Forgo Contingencies When Buying a Home

So, contingencies, yes--well as agents, we love them because they help insulate us from future lawsuits. But as a buyer, they can cost you money and they will most certainly cost you a home or two in a competitive market. Here's why. Faced with a multiple offer situation on a property, buyers will often try and make their offer stand out above their competition. And there are two ways to do that--the terms they offer and the price they pay.
In a multiple offer situation, buyers often exceed the asking price and offer terms that are exceptionally attractive to the sellers. Many offers will contain no contingencies for any inspections, loans or appraisals. They'll purchase the home in its present condition and forgo asking for any repairs. At times they'll even let the seller rent their home back for awhile while they relocate.
On the flip side, some buyers despite the fierce competition for a property are unwilling to waive having contingencies. Here's why this can hurt their position: Let's say for example that a seller has already performed inspections at their cost with reputable inspectors, yet a buyer wants a ... more

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