Hank Miller Team

DECEMBER 1, 2021

Buyers were/are so stressed to secure a home that some toss caution to the wind; overpaying, waiving finance contingencies, inspection contingencies and more. The frenzied real estate market of '20-'21 exacerbated the issues found in normal markets. Water and foundation issues are very common, some obvious and some not so much.

Inspection contingency 52

Inspection contingency Due diligence Seller disclosure Inspection 52

HomeLight

MAY 28, 2021

Seller disclosures. In many states, seller disclosure forms are required to complete a real estate transaction. Each state has different requirements , but basically the seller is required to tell the buyer of any known problems with the house. This isn’t recommended.

Inspection 107

Inspection Inspection contingency Seller disclosure Due diligence 107

Realty Biz

JULY 25, 2023

Besides a home inspection contingency, some common contingencies include: Appraisal contingency: This contingency allows the buyer to back out of the sale if the property doesn't appraise for the agreed-upon price.

Sales 87

Sales Inspection Inspection contingency Backup offer 87

HomeLight

JUNE 30, 2021

Inspection contingency. A professional home inspection gives the buyer the opportunity to uncover any potential problems with the house before purchasing. An inspection contingency also gives the buyer a timeframe to have an inspection before the contract becomes binding.

Purchase and sale agreement 98

Purchase and sale agreement Inspection contingency Home sale contingency Inspection 98

HomeLight

AUGUST 16, 2021

Add an inspection contingency. This will allow you to cancel the contract if major issues are discovered during the inspection. Talk to your agent about seller disclosures in your state. Your agent will be able to tell you what a seller is legally required to disclose in your state as part of a home sale.

As-is 122

As-is Title Inspection Inspection contingency 122

HomeLight

FEBRUARY 28, 2021

Minimal seller disclosures. Virginia requires a seller to disclose material defects , but not latent defects. Waive home inspection contingencies — but NOT the home inspection. Waive appraisal and finance contingencies. Offer a rent-back clause to the seller.

Earnest money deposit 105

Earnest money deposit Land Residential Inspection contingency 105

HomeLight

OCTOBER 20, 2022

This establishes your ownership, along with details such as purchase price and previous seller disclosures. Many FSBO sellers will purchase a pre-listing appraisal. Home inspection report. Be sure to check your state laws for any additional documentation and forms that may be required. Original sales contract.

Purchase and sale agreement 111

Purchase and sale agreement Pre-approval Inspection Title 111