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Buying a home that needs some repairs? Think twice about these projects

Housing Wire

Some are waiving inspection contingencies, while others are avoiding repair requests, opting to handle home repairs, fixes and upgrades as needed later on. While this approach could certainly help buyers win out in a bidding war, the strategy also comes with some serious risk — especially if the home inspection is skipped.

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What Happens if the Inspection Contingency Expires on a Home Offer?

HomeLight

For this reason, most contracts contain an inspection contingency clause. But what happens if the inspection contingency expires? If this contingency period lapses before you’ve finalized your decisions, will you lose your deposit? Get Started How does an inspection contingency work?

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5 Tips for Homebuyers Who Want to Make a Competitive Offer

Keeping Current Matters

There are, however, certain contingencies you don’t want to forego. Freddie Mac explains: “ Resist the temptation to waive the inspection contingency, especially in a hot market or if the home is being sold ‘as-is’, which means the seller won’t pay for repairs. Understand Your Finances. Make a Fair Offer. Bottom Line.

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5 Tips for Making Your Best Offer

Keeping Current Matters

Understand the Seller’s Needs, but Resist Waiving Certain Contingencies. Of course, there are certain contingencies you don’t want to give up, like the home inspection. Without an inspection contingency, you could be stuck with a contract on a house you can’t afford to fix.”. Know Your Budget.

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How to Make a Winning Offer on a Home

Keeping Current Matters

Freddie Mac explains that there are, however, certain contingencies you don’t want to forego: “ Resist the temptation to waive the inspection contingency , especially in a hot market or if the home is being sold ‘as-is’, which means the seller won’t pay for repairs. Understand Your Finances. Make a Fair Offer. Bottom Line.

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5 Things Homebuyers Need To Know When Making an Offer

Keeping Current Matters

Just remember, there are certain contingencies you don’t want to forego. Freddie Mac explains: “ Resist the temptation to waive the inspection contingency , especially in a hot market or if the home is being sold ‘as-is’, which means the seller won’t pay for repairs. Brace for a Fast Pace. Lean on a Real Estate Professional.

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A homebuyer’s personal story from the post-Sitzer, post-settlement world

Housing Wire

Editor’s note: This is the fifth in a series of articles that will explore the effects of the landmark Sitzer/Burnett case, which was decided on Oct. 31, 2023, and has since reshaped the business practices for real estate brokerages and agents across the country. million in volume in 2023, according to RealTrends Verified data.