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Palo Alto Sellers: Which is Riskier, A Loan Or Inspection Contingency?
If you are a Palo Alto home seller which do you think is riskier for you, not the buyer, taking an offer with a loan contingency, or taking an offer for your Palo Alto home for sale with an inspection contingency?
This question pre supposed several givens:
1. You have multiple offers from which to choose
2. The buyer has been fully pre-approved by a direct lender, is from this country or has the legal status necessary to obtain a loan, and did not ask for an appraisal contingency.
3. You have done all of the inspections on your Palo Alto home before the sale including property, termite, roof, chimney, and foundation if appropriate.
So assuming all of the above conditions have been met, and you have several offers which are around the same price, which would you prefer?
As a Palo Alto Real Estate Agent my choice is different than what you may think.
I think it is riskier for a seller to take an offer for the home being sold in Palo Alto from a buyer with no loan contingency, but a property/disclosure contingency.
Here is my thinking/experience:
1. Most buyers in this market have ample income and assets ... more

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