Buying a Home with No Contingencies
When buying a home in RI coastal real estate that has interest and bids from a number of home buyers, preparation in how
you word that offer is key. Multiple offers on a property bring out the offers that have 'no contingencies' as part of their home offer. The key is to make the offer more attractive to the seller. But what does buying a home with no contingencies really mean?
- without contingencies (i.e. means no home inspection (or for informational purposes only), as is, close in 2 weeks, no house appraisal, with all cash, no inspections, etc.). Buying the home As Is...what you see (and don't see) is what you get.
By far the 'no contingencies' clause seems to cause different understandings by both sellers and buyers, as well as real estate agents and attorneys. As Is should mean as you see it now…without changes and the seller is not doing anything additionally to the home and property to move the sale forward. It means in no uncertain terms that the house should be left in the same condition as when the offer was placed. No undue wear and tear on the house, no removal of permanent fixtures, etc.
So if furniture or gardening equipment are in the house when the 'As Is' offer is made and accepted and not noted to be removed, they're the buyers. Who takes care of the removal of those items if 2 weeks later the buyers say " I hope you are getting all those items out of the house!". You bought the house 'as is' remember. This lack of clarification within the purchase and sales agreement can cause angst and consternation between attorneys, agents, buyers and sellers. So yes, spell it all out up front. But 'no contingency' buyers do realize that when you buy a house you are buying it as it appeared to you at the time of offer (unless otherwise spelled out in the purchase and sales agreeement)...as is.
Honestly, I have taken it upon myself many a time to get rid of the items causing issues with a home sale. It is so important to focus on our goal here: successful sale of the home. Not easy all the time but buyers take heed when you make that 'as is' offer in the future on your next home purchase.
Whether you are buying or selling a home in the RI coastal real estate market, I would love the opportunity to earn your trust and business. This is my backyard and I know and work it well for my clients. As always, call me, Ginny Lacey Gorman, at (401) 529-7849 or email me at Ginny@RiHouseHunt.com so we can discuss your RI real estate options. Buying a Home with No Contingencies.
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