Contingencies When Selling Your House
When you are wanting to sell your house fast in Knoxville TN, contingencies can stand in your way! Most Knoxville home buyers will request some type of contingency in their purchase and sale agreement. This is common for most real estate sales. But, like anything in real estate, these contingencies can be negotiated. In addition to contingencies having to be met, they are surrounded by timelines as well. Each contingency usually has a timeframe in which they need to be met. Unfortunately, many home contracts fall through due to contingencies when you are selling your house.
Although real estate contracts can contain many different contingencies, there are three common contingencies that you will more than likely experience We will explore what you need to know about contingencies before selling your house in Knoxville TN.
Inspection Contingency
Before selling your house in Knoxville, it may be a great idea to hire an inspector so that you will be aware of any significant defects with the house. This will provide you ample time to make repairs and not catch you off guard in the future. Home inspectors are paid to find issues. Every home has issues. Whether or not the buyer will request you to repair things is a different story. It isn’t uncommon for the buyer to request repairs of any significant issues like plumbing, electrical, or structural. This contingency is where most purchase and sale agreements fall through. Many buyers will walk away from your house if you refuse to make requested repairs.
Appraisal Contingency
If the buyer is getting financing, their lender will require an appraisal. This means that before you can sell your house to this buyer, your home must have a value that either meets or exceeds the agreed upon purchase price.
Home Sale Contingency
When you are getting ready to sell your house in Knoxville TN, you should be aware that many of your prospective buyers will need to sell their current house in order to buy yours. This is where a home sale contingency comes into place. This states that the buyer will have a certain amount of days to sell their house before they can buy your house. If the buyer cannot sell their house, they can walk away.
Financing Contingency
Unless you received a cash offer for your house in Knoxville, you can expect your buyer to have a financing contingency in their sales contract. This simply states that the buyer must be able to receive financing in order to buy your house. If they cannot secure financing, they can walk away from purchasing your house in Knoxville.
How To Avoid Contingencies
Want cash for your house in Knoxville instead of dealing with contingencies? We are homebuyers in Knoxville TN that purchase houses fast and in cash. We eliminate the need for appraisers, banks, and agents that take up and waste your time! Just because these contingencies are common in real estate, doesn’t mean they are necessary. Skip out on the old way, and sell your house the new way in Knoxville TN.
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