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3 Contingencies You May Want To Include When Buying A House

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When you find a home that you would like to buy, you are free to include as many contingencies on the offer as you would like, and the seller has the right to decline your offer if he or she will not agree to these requests. Adding contingencies to a purchase offer is a great way to protect yourself when buying a house, and it can also help you get something more for the money you are spending. Here are three different types of contingencies you could consider adding to your offer if you would like to.

Passes home inspection

Getting a home inspection is a common step buyers take when purchasing a home and adding this as a contingency is a great way to protect yourself when buying a house. When you buy a house, you may not know how to tell if the house is in good condition, and it's important to realize that homes can look perfect but have hidden problems. This is what a home inspection is for. It will reveal any problems with the house and you will be able to get out of buying the house if problems are discovered in the home inspection.

Sale only goes through if you sell your house

This type of contingency is also quite common and it is used by people who must first sell their homes before going through with buying other homes. The problem with adding a contingency like this is that the seller might not want to wait for you to sell your home. If the seller is in a rush to sell the house, he or she might not be willing to agree to this condition.

Work must be completed on the house

If there are minor or major things that are wrong with the house you want to buy, you may decide that you will only buy the house if the current owner fixes these things and you can do this by adding specific contingencies to the offer you make. This could be something as simple as getting the carpets cleaned in the house or repainting a certain room or it could be as major as replacing the roof or deck on the house.

These are three types of contingencies you could add to your purchase offer. When adding any types of contingencies, the seller could counter your offer. This is important to know simply because you will want to make sure your contingencies are reasonable. To learn more, call a real estate agent today.