Watching the Clock on Contingencies is a Very Important Task
Your real estate agent should be completely knowledgeable about each contingency that is in the contract. You never want to miss a contingency deadline. Read on to understand why contingencies are important to keep track of. Great article.
Watching the Clock on Contingencies is a Very Important Task
One of the reasons I love my job as a Bristow-Gainesville real estate agent so much is that it's never boring. You have similar scenarios repeat, but never exactly the same way. And the road map to each transaction, whether representing buyer or seller, is the contract itself.
Contracts are black and white. There is no gray area. For instance, if a buyer wanted a home inspection contingency of five days, but failed to request repairs within that time frame, they really have no leg to stand on. The contingency expires without action to ask for repairs at the end of the period.
The agents that represent each side of the transaction need to keep close watch on these contingencies and know the importance of letting them slide. You wouldn't want to be a buyer whose agent blew past a home inspection contingency time frame and came back to you with, "Oops. I screwed up. You should've had these repairs requested three days ago. Sorry."
That's not the agent you want representing you. You want the one that sets our your time frames as soon as the contract is ratified. One that makes sure you've been given every opportunity to get inspections done. Or if your the seller, to make sure no contingencies are left open longer than they need to be.
It's surprising to me when cooperating agents, for instance buyer's agents on my listings, expect me to treat them like they are my own clients. They need someone to hold their hand tell them when things are due, like inspections. If they screw up, they want another agent to tell them. That's not how this business works. It's not full of kumbaya moments where everyone is working together. There are decidedly different interests on each side of the transaction.
Make sure you have someone who knows the contract inside and out. If you're house hunting or selling in Bristow or Gainesville, VA, I'm your gal.
Chris Ann Cleland, Associate Broker- Licensed in Virginia, GRI, SFR, Northern Virginia Short Sale Specialist. Affiliated with Long & Foster, 7526 Limestone Drive, Gainesville, VA 20155. To contact Chris Ann, call 703-402-0037 or email chrisann@LNF.com. Or you can visit her website: www.nvarealestate.net.
Header photos taken by Chris Ann Cleland.
The opinions expressed in this post are those of Chris Ann Cleland, not those of Long & Foster REALTORS®.
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