Avoiding the “Contingency Premium” “We may be small, but we’re slow.” —Cal Tech football team slogan. If you were a home seller, how much extra would you want in order to assume the risk that your Buyer could successfully sell their current home in a timely fashion ” the standard Contingency is 60-90 days ”...Read More
Avoiding the “Contingency Premium” “We may be small, but we’re slow.” –Cal Tech football team slogan. If you were a home seller, how much extra would you want in order to assume the risk that your Buyer could successfully sell their current home in a timely fashion — the standard Contingency is 60-90 days —...Read More
Worst-Case Scenario Don’t feel too sorry for homeowners: in today’s Seller’s market, they’re calling the shots (and getting top dollar). But, if you want to see Sellers in a more sympathetic light, consider this: selling a home now can involve not one inspection, but — including required re-inspections — eight to ten(!) separate visits, depending on the Buyer’s financing;...Read More
Will the Backup House Sell in Time? In addition to the usual contingencies for Inspection and Financing, the Buyer making a Contingent offer for a house is adding a third, big one: that’ll they’ll be able to sell their current home — what Realtors call “the backup house” — within 60-90 days. In turn, the salability of...Read More
Now, THAT’s a Deal! “An overpriced “For Sale” home depreciates in value faster than an appreciating housing market rises.” —Ross Kaplan, first law of real estate; “Market Appreciation vs. Home Depreciation” (10/23/2013) Here’s a news flash for at least some prospective home Sellers: even in a Seller’s market like today’s, not everything sells right away,...Read More
Real Estate Legal Trivia That question is HUGE in residential real estate, for a number of reasons. The three biggest: One. The “Final Acceptance Date” — when the deal’s officially a deal — starts the clock running on the Buyer’s Inspection Contingency (Buyers typically have 3-5 business days to inspect, once the ink on the deal is...Read More