Many Home Sellers Are Enjoying Working Through Far Fewer Contract Contingencies


Many Home Sellers Are Enjoying Working Through Far Fewer Contract Contingencies
By Scott Rogers • April 6, 2022
I used to tell home sellers that they should expect to that we'll be working through three large, major, serious contingencies between the time that their house is under contract and when it makes it to closing... 1. Home Inspection 2. Financing 3. Appraisal We had to make over each of these hurdles, through each of these gauntlets to successfully make it to settlement. But, now, sellers are enjoying often only working through only two of these contingencies, or even just one of these contingencies. I recently listed a property for sale in the $300K range and we received six offers on the property within 48 hours of being on the market. None of the six buyers included a home inspection contingency. So, many sellers are finding themselves not needing to worry about making it through the home inspection process. On another recent listing six buyers did include an appraisal contingency and two buyers specifically said that they would be willing to pay $___ over the appraised value if the appraisal came in low. So, many sellers don't have to worry about an appraisal contingency at all, or not anywhere near as much as they had in the past. Thus, many sellers are finding the period of time between contract and closing to be much less stressful... and they realize that it is much more certain that they will make it successfully to closing. Buyers, on the other hand, well, yeah... you can imagine from my comments above... they are having to decide on each offer whether to include what used to be typical contingencies (inspection, appraisal) to protect their best interests. It's a bit of a crazy time right now, with a very imbalanced market, and thus far things are not seeming to be slowing down. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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