Central Mississippi REALTORS®
620 N. State Street | Suite 100
Jackson, MS 39202
For Immediate Release
October 29, 2017
The Top 3 Most Terrifying Buyer Contingencies
Contingencies are conditions that buyers include when presenting an offer to a seller. These criteria typically act as insurance protection that could allow you to back out of a deal without losing money. The most commonly used contingencies are those based upon financing, a satisfactory home inspection, and a property appraisal report. However, there are some contingencies that go beyond the norm and may scare your sellers away! Take a look at the top three contingency offenses below:
No. 1 Asking the seller to accept your offer based on the sale of another home!
Asking a seller to accept an offer based on the sale of another home is quite frankly the most horrific skeleton in the closet that a buyer could present! It’s not likely that a seller will accept this type of offer without adding a “knock-out” clause that keeps their home on the market for potential buyers who would buy the home without such requirements.
No. 2 Extreme Home Inspection Repair Lists
Your REALTOR® will strongly recommend that you hire a qualified home inspector to scope out the nooks and crannies of the home you’re seeking to purchase. However, it’s important to not lose sight of its intended purpose which is to identify mechanical and structural issues. While there is no standard list for what reasonable requests are, sellers cringe when a buyer asks that every minor defect be fixed. Avoid nit picking to the extent that you’re asking for repairs on items that cost less than $100. A seller’s agent may pass on your offer if the requests are too ridiculous.
No. 3 Making Strange Personal Requests
One of the weirdest contingencies that a buyer could include in an offer, is a request for the seller’s personal belongings. Don’t gamble your chances of winning the offer by including ridiculous requests for the seller’s furniture, appliances and home décor. There are sellers who find these requests to be rude and insulting.
Ask your REALTOR® to help you negotiate a fair offer that both you and your seller will be happy with. I wish you the best in your transactions this season.