Selling a home can be dangerous for both the person selling and the person buying. If either side falls through on the deal, both can lose a lot of money- and that’s not something that you want to happen! Buying and selling with a contingency plan on the house is a great way to prevent money loss, and an even better way to ensure you get the home you want.
Why You Should Consider A Contingency Plan?
A contingency plan is an agreement between you and your seller that just states which costs each person needs to pay, how the house should look, and when the house should be sold. If these criteria are not met, the buyer is entitled to their money back. Many times, these agreements give the buyer most of the responsibility; after all, they need to find a mortgage, have the home inspected, and have it appraised. All the seller has to do is not sell the home to anyone else. Neither sellers nor buyers need to accept every contingency, though, and it’s perfectly normal to leave a few things up in the air when making your contract. If you’re working with a real estate agent, they’ll know best about what you need to nail down when buying or selling a home.
Protecting Yourself With A Contingency Plan
As a buyer, you want to ensure that you’re able to buy the house you want, and you don’t get outbid three days before you sign the papers. This is what a contingency plan ensures is possible. No matter what other offers a seller might come across, having a contingency means that you’re going to buy the home, and they can’t suddenly alter the contract without your knowledge and consent.
Dangers of A Contingency
If you wait to inspect until you’ve agreed to a contingency, or you suddenly find yourself denied a mortgage loan, that can spell disaster. If the house isn’t what you thought it was, you can be stuck with a property that you can’t live in. If your mortgage loans are denied, you can find yourself totally unable to buy the house. Both of these situations can get you in real, legal trouble with the seller, and create a situation where you can’t possibly finish your deal. Be careful when signing a contingency, and make sure that you’re both already approved for a loan and that you know the signs of a problem house.
Buying A Home On Contingency
Buying a home with a contingency plan is a great idea when you want to ensure that you’re getting the house you want, but there can also be some drawbacks. Be wary anytime you buy a house, and ensure that it’s what you actually want before committing to a deal.
If you’d like to be sure your home sells quickly, we can help. We buy homes in Modesto, Stockton, Sacramento, and beyond. We also buy homes fast for cash, without the worries that come with a contingency deal. If you’ve been burned with a contingency buyer, and you’re saying, “I just want to sell my house fast for cash,” we can help. Contact us today, and we’ll help you sell your home fast for cash.