During your home buying or selling process, you’ve most likely heard or will hear the term “contingent.” A Waltham Realtor explains that in real estate terms, contingent is the status you’ll see on a listing where the seller has accepted a buyer’s offer. However, this accepted offer doesn’t necessarily mean it is sold yet. Offers that include contingencies have requirements that need to be met in order for the sale to officially close. If the contingencies cannot be met then the buyer can back out of their offer.
Contingencies usually include a list of factors that need to be examined. When contracts are written during the home purchasing process, they often include all possible contingencies that may arise. Here are some examples of contingencies that need to be met in order to officially sell or purchase your Waltham Real Estate.
When purchasing Waltham Real Estate you’ll definitely need to get a home inspection done. A home inspection will check things like the plumbing, electrical amenities, the roof, and the home’s structural integrity. Home inspections are so important because if the home has a lot of issues that you were unaware of, an inspection will let you know. The last thing you want is to purchase a home and then find out after the fact that there is a lot of costly work that needs to be done.
Most buyers will need to obtain a loan in order to buy a home. During the financing process, the buyer will have to provide documentation to the lender to verify income and down payments, have their credit reviewed, and appraisal performed. Once financing is obtained, they can proceed with their Waltham Real Estate purchase.
During the home inspection, you may find issues with the home that you as a buyer, don’t want to be responsible for. You can sometimes request that the seller perform repairs or credit you for these repairs through your Waltham Real Estate Agent.
A Final Walkthrough
After all the inspections and repairs have been done, it’s important to do one more walkthrough of the home before officially closing. A final walkthrough will let you see all the repairs and changes that have been made to make sure you accept them.
Contact a Waltham Real Estate Agent
Waltham Realtors will also suggest leaving some room in your budget for possible contingencies that arrive in the future. There are so many layers to the process of buying or selling Waltham Real Estate. This is why it’s ideal to have a Waltham Realtor to assist you every step of the way. Contact Hans Brings for all your buying and selling needs in Waltham.