Table of Contents
- 1 Should I waive my inspection contingency?
- 2 Should you forego a home inspection?
- 3 What does it mean to waive contingencies?
- 4 Should I be worried about home inspection?
- 5 When should loan contingency be removed?
- 6 Should a buyer waive the appraisal?
- 7 Is the Bay area housing market really on fire?
- 8 Is San Francisco’s real estate market on the verge of a correction?
Should I waive my inspection contingency?
Waiving the inspection contingency can be an effective offer strategy, if you know what you are doing. It just means you won’t be able to use results from an inspection to negotiate remedies or price with the Seller. If the inspection turns up something that makes you want to walk away, you still can.
Should you forego a home inspection?
Waiving an inspection lets a seller know you’re not going to ask for concessions for repairs. However, it puts you financially at risk because you don’t know what you don’t know. Waiving a home inspection essentially means you’re buying the home as-is. Any problems that may arise are yours to correct and pay for.
What are the risks of waiving a home inspection?
The biggest risk with waiving a home inspection is that you may buy a home with hidden problems that end up costing you down the road, or in some cases, as soon as you move in.
What happens if you waive financing contingency?
The financing contingency protects the Buyer from losing their down payment deposit if their lender does not come through with the financing. When you waive your financing contingency, you’re forfeiting your deposit to the Seller if your lender backs out. In other words, you’re walking a tight rope without a net.
What does it mean to waive contingencies?
Preparing for appraisal gap “Lenders require an appraisal, so when buyers waive that contingency, it just means that they promise to pay the difference if the appraisal is lower than their offer,” Bailey says. “If they can’t pay the cash, they can lose their earnest money deposit.
Should I be worried about home inspection?
What should I be worried about during a home inspection? Home inspections can reveal unknown issues like mold, termites, and foundation problems. These issues are often costly to fix and can scare off buyers.
What is the riskiest part of a home inspection?
The hardest thing to inspect when it comes to plumbing issues are the pipes themselves since they are likely under the home. You’ll want to be sure to ask your inspector to pay special attention to the plumbing as they are likely going under the house for other reasons and will only report back on the type of plumbing.
Are contingent offers bad?
All in all, the drawbacks of accepting a contingent offer include: The deal might fall through. You might have to renegotiate or accept a lower price. It could take longer to sell your home.
When should loan contingency be removed?
17 days
In California, the contingency removal date is typically 17 days from acceptance. Acceptance occurs on the date that the buyer and seller agree on offer terms, contingencies included. As mentioned at the beginning of this post, there are a number of different contingencies that are present in most real estate offers.
Should a buyer waive the appraisal?
You should only consider waiving the appraisal contingency if you’ve talked with your real estate agent and feel strongly that you’ll need to waive it to get your offer accepted or it’s very unlikely for the appraisal to come in low.
Can a buyer back out of a non contingent offer?
If you’re backing out of an offer without a contingency, you risk losing your earnest money. Since you put that money down based on the promise you’ll follow through with the contract, backing out for any reason that’s not outlined in the agreement means the seller is legally permitted to keep your money.
Where are the Bay Area’s most expensive housing markets?
Note: Most of these charts generally apply to higher-priced Bay Area housing markets, such as those found in much of San Francisco, Marin, Central Contra Costa (Lamorinda & Diablo Valley) and San Mateo Counties.
Is the Bay area housing market really on fire?
The housing market is supposed to be on fire right now, but this might be a little too literal. Offers are pouring in — and above listing price — for an $850,000 burnt-out house in the San Francisco Bay Area. Sure, many homebuyers are looking for a place that they can really put their stamp on and make their own.
Is San Francisco’s real estate market on the verge of a correction?
In fact, in the first quarter of 2020, real estate in San Francisco has become synonymous with one of the country’s highest distributions of discounted sales. That’s not to say the San Francisco real estate market is relatively affordable, but rather that prices may be on the verge of a course correction.
Where are Bay Area listings accepting offers the most?
The Bay Area housing markets with the largest year-over-year increases in the number of listings accepting offers in June 2020 were the 4 outer Bay Area counties of Monterey (up 61\%), Santa Cruz (58\%), Sonoma (47\%), and Napa (37\%). They also have among the lowest population densities in the Bay Area.