What is the procedure when I receive an offer if there are contingencies?
A contingency is a condition that must be met before a contract becomes binding. Common contingencies include:
- Financing contingency: Buyer must secure a mortgage.
- Home sale contingency: Buyer must sell their current home.
- Inspection contingency: Buyer can terminate the contract based on inspection results.
- Appraisal contingency: Buyer can terminate if the appraised value is below the purchase price.
Procedure When Receiving an Offer
- Review the Offer: Carefully examine the offer, including the purchase price, terms, and contingencies.
- Consult Your Real Estate Agent: Discuss the offer with your agent, who can provide valuable insights and guidance.
- Counteroffer (Optional): If you don't accept the offer as is, you can counter with different terms.
- Accept or Decline: Decide whether to accept the offer as presented or counteroffer.
- Negotiate Contingencies: If you accept the offer but want to modify the contingencies, negotiate with the buyer's agent.
Your Houzeo Listing Agent may assist you with contingency negotiation under select plans.
If you need further clarification on specific services included under each plan, please feel free to visit our state-specific pricing and services page or book a call with a Houzeo Expert to ask your questions.