How Contingencies Protect Home Buyers After the Offer Gets Accepted

Buying a house can be nerve-wracking. In most cases, it is the largest investment a person or family will make in their lifetime. But luckily for you, you have protections as a buyer to help make a sound decision.

When you are buying a home, you have the option to put a number of contingencies in place. This means even once your offer is accepted by a seller, you are not obligated to proceed with the purchase until the home clears some hurdles that you choose. These protections can save you a lot of time, money, and headache. They allow you to back out of the deal within a certain time period for reasons related to the contingencies.

Most buyers have three protections in place. One is a loan contingency to secure financing for the home, another to make sure the home appraises for at least the price you offered, and finally a contingency to inspect the home to your satisfaction using experienced professionals.

The inspection contingency is a BIG DEAL. After your offer is accepted you would schedule inspections on the house and review the results. The two main inspections are the home and pest inspections. We also recommend a sewer cam inspection, especially if the home is older or if there are established trees on the property. You can find out what kind of maintenance a home needs and then negotiate with the seller to resolve the issues. Getting the inspections done is crucial to being as informed as possible about the house that is about to become your home.