Closing and Contingencies

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Once you’re moving towards closing on a home, either as a buyer or a seller, there are a few things to know.  Your Realtor® will help you with all of these, but it’s good to know the timeline of how things will pan out.

There are deadlines for the contingencies listed in the offer.  If they are not heeded on time, there are consequences for both the buyer and the seller.  Inspection contingencies have a ten day period where the buyer and seller must agree to whatever may need to be fixed.

Once the inspection is completed, the buyer will need to look in to acquiring homeowner’s insurance.  This is required by lenders.

The buyer may also be interested in purchasing an extra home warranty that will protect against unforeseen defects and repairs that may pop up in the first year after purchase.

There’s a lot involved in the purchase and sale of a home.  Your Realtor® will help you with all aspects and will put your mind at ease, knowing all deadlines and paperwork will be sure to be completed on time.

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Contingencies

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Once you make an offer and it is mutually agreed upon, there are contingencies in place to protect the buyer and the seller.  Here’s a short list of some common contingencies:

  1. Financing
  2. Appraisal
  3. HOA rules and regulations
  4. Inspection

Buyers are protected with a financing contingency that states they are not liable to owe the seller anything if their financing falls through.  There are dates written in the contract that must be met by your loan officer to let the seller know when final approval is scheduled.

The bank loaning the money is protected by an appraisal, which must meet the sales price offered in order to get financing.  If the appraisal comes in lower than the amount offered, the buyer would otherwise be liable to make up the difference without an appraisal contingency.

If the home is a Townhome or a Condominium, there will be rules and regulations set by an association.  There is a contingency that once these rules are received by the buyer, there is a ten day period in Minnesota where the buyer can walk away if the rules do not meet his/her needs.

Buyers purchasing a home they plan on living in should always have an inspection performed.  Your Realtor® will have a list of inspectors he/she recommends.  Not having an inspection will put the buyer at risk, so I highly recommend having one.

Watch the above video for even more valuable tips.  Really, I watched it, myself, and there’s good stuff in there!  It’s only a few minutes long, and well worth your time.

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Happy St. Patty’s Day!

Top o’the mornin’ to ya!  You don’t need the luck of the Irish to sell your home with me.  I’ll get your home priced right the first time and give you the necessary steps you need to take in order for it to show well.  The market is in your favor!  Text/Call/Email me!  I’m here to help! RE/MAX RESULTS

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Daylight Savings!

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We just “lost” an hour last night.  Time is being lost!  Don’t let any more time get away from you in your home selling process!  Call me and I’ll get your home sold.  Fast! Lisa Maxwell RE/MAX RESULTS 

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Valentine’s Day

Happy Valentine’s Day!

Have you fallen in love with a new home?

Have you fallen out of love with the one you’re living in now?

Why not make this the year you make that move?

I can help you find the home to fall in love with.  I can also help you find a buyer who will fall in love with your home if you are ready to move on.  Whether you’re empty nesting, moving South where it’s warm, upsizing, downsizing, moving because of a job, or whatever the reason, give yourself the gift of freedom by making that change.

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Contact me at: 651-683-2467 or lisa.maxwell@results.net  RE/MAX RESULTS

♥Lisa