In Seattle at the moment, there’s one “Hot Market Hazard” which makes my stomach churn, and that’s when the buyer comes downs with a case of “house fever” so severe that they’re willing to waive the home inspection contingency completely to “win” a multiple offer situation. The Seattle area market is definitely “hot” right now. We have a record low home inventory for sale, and an incredibly low number of new listings coming online to satisfy … [Read more...]
Looking at homes which are adjacent to vacant or nearby undeveloped land? Avoid potentially nasty surprises! Investigate and verify the ownership, zoning and approved use of that land - before you buy. Case in point... Several years ago I almost purchased a home in Bee Cave, TX (a west Austin suburb) which backed to private land. I appreciated the privacy, and the view was great. Coming from a typical suburban neighborhood, it was VERY tempting to write an offer, and … [Read more...]
How do we count the number of days for contingencies in home purchase & sale contracts? It’s not too terribly complicated to answer, but misunderstandings regarding the “Computation of Time” in real estate contracts are unfortunately very common. While all contract contingencies are important, arguably, the most critical contingency in any real estate purchase and sale contract is the Financing Contingency, which is typically 20-30 days. All parties, … [Read more...]
A Financing Contingency, in basic terms, is a clause in the home Purchase & Sale Agreement which allows a homebuyer the time necessary to apply for, and obtain financing for a new home purchase. Not all home financing contingencies are created equal however. Depending on the region and local real estate customs, such contingencies can vary greatly, particularly when non-MLS forms or addenda are used, or other local or state promulgated forms are not used - for … [Read more...]
