Notebook

TIP: Remove Contingencies to Make Your Offer Stronger





TIP: Remove contingencies to make your offer stronger


In a competitive market it’s tempting to write an offer with no contingencies.


I beg you to reconsider.


These safeguards are part of the contract for a reason.


There is an inspection contingency: to save you from buying a mold-ridden, termite infested property.


Appraisal contingency? Understand that if the lender’s appraisal comes back less than your offer price, you are obligated to buy the home and come up with the difference by closing. How much do you like to gamble?


Lastly, the loan contingency protects you in case the lender cannot approve your loan. Remember, contingencies are designed to protect you from utter catastrophe.

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