Call it the year of cold feet. More than 15% of home purchase agreements fell through in July, the highest percentage for that particular month since the real estate firm Redfin began tracking cancellations in 2017
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We are solidly in a buyer market. Some things to know if you wish to buy a home. Before contracting (where both sides sign a purchase agreement), consider any and all contingencies you want in the contract. There is an ample supply of homes and you can afford to be choosy.
To ensure a smooth home purchase, consider these key elements for a buyer's contingency clause:
Financing Contingency: Make the purchase dependent on securing a mortgage or financing approval.
Home Inspection Contingency: Allow for a professional inspection to identify any significant issues before finalizing the sale.
Appraisal Contingency: Ensure the home appraises at or above the purchase price to protect against overpaying.
Sale of Current Home Contingency: Include a clause that allows you to back out if your current home doesn’t sell by a certain date.
Title Contingency: Verify that the title is clear of liens or disputes before proceeding with the purchase.
Repair Contingency: Require the seller to address specific repairs identified during the inspection before closing.
Most of all enjoy your purchase, you worked hard for every dollar you have earned and deserve good value in today’s market.