Congratulations, Mr. Seller! Your house is now under contract — but you may not want to start packing yet. Your contract may include contingencies, which are conditions that must be met before a real estate transaction can be completed.
Unless your buyers are paying cash, they will likely have a finance contingency to ensure that they are approved for their loan. Another common contingency requires that your home appraise at or above the agreed-upon price, often requiring renegotiation of the sales price if it does not.
The third most requested contingency is for a home inspection, which allows buyers to hire an inspector to outline the home’s positive features and scrutinize it for defects. Any subsequent repair requests made by the buyers may result in further negotiations and may ultimately affect your profit, so it’s often in your best interest to address some frequently encountered items prior to the home inspection or even before listing your home for sale.
First, when preparing for inspection, make the inspector’s job easier by having all utilities turned on. This is normally a requirement of your contract.
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