It has been a while since I have written an FAQ post so now is certainly the time for a new one.
What is a contingency offer? When a buyer has a home to sell before they proceed with the purchase of another they must disclose it in their offer. Their purchasing the new home is concidered ‘contingent’ upon the sale of their current home.
How do I know if a property I am look at has a contingency offer? Typically the listing agents marks the listing in some way. Some opt to deactivate the listing, others just put a (C) after the address to tell other agents that another offer is in.
I’m schedule to close on a home tomorrow and the repairs that we agreed upon haven’t been done, now what? In most cases that I have experienced something like this the agents envolved will find a monitary amount that both parties agree is enough to cover the repairs, usually based upon an estimate from whomever is doing the work. All parties will agree to have this amount of money set aside in an escrow account to make the repairs after closing, this allows you to proceed with closing as scheduled.
