Continuing on with our “New Year, New Homes: A Homebuyer’s Guide,” this will be part 2 of a never ending journey (no, I’m just kidding) of being a homebuyer in a seller’s market. Next on the agenda, after you’ve written an offer, (or 2, or 10) and after you’ve been accepted to buy the home, is the CONTINGENCY PERIOD!
Oooohhhh, aaaahhhhh. What the heck is that?
Well, let’s start with-
Inspections: So you just put in a great offer that was accepted primarily due to your super short 5 day (for example) contingency period! Awesome! Finally, a home to call your own!
Wait, I have 5 days to do what? Yes, you have only 5 days to read through all the disclosures, including natural hazard disclosures, preliminary title reports, easements map, seller property questionnaire, earthquake hazard reports, transfer disclosure statement, the list goes on… not to mention any pre-inspections performed by the sellers, and then sometimes there are historical disclosures to sort through. You have 5 days to read through all these reports and understand the house you will be buying.
AND! Within these 5 days you will need to schedule any inspections of your own if you’d like to investigate issues with the house. At the end of those 5 days, you will have had your own inspections, read through those reports, and satisfied your investigations. Your realtor will then send over a document to the listing agent or sellers saying you approve the house in its condition, you won’t ask the sellers for anything more, and you can’t back out if you find something physically wrong with the house later. (Unless, of course, there was foul play in which you can prove.) No biggie! That is, if you have a realtor like Karen Richardson Group to guide you through. We even call in favors to our most used inspectors to get everything done on time!
As I was creating a marketing advertisement the other day, my husband was looking it over and said, “You are listing too many bullet points for what you do for your clients. Like, this one, “paperwork management,” that’s not going to get any one excited.” Well it’s a huge part of what we do! And while, yes, it’s not exciting and no one is searching for the realtor with the best paperwork management skills, the paperwork is what is going to be the most difficult and overlooked part of the whole experience!
These days, what sets good realtors apart from machines is their ability to sort through and pluck out the most relevant information for our clients. Realtors who determine what’s most important to investigate and correct. It’s like when your mechanic tells you your carburetor isn’t getting enough air…and what do you say to that? If you are like me, you say, “So what does that actually mean? Do I have to fix it today? Can I drive it home? Is it good for another week? Another Year? Do I need to buy a new car?” As a realtor, we are going to be able to guide you whether you need to correct it now, later, or at all. We advise our clients how to correct it, or direct them to someone who can give them an expert opinion. And if our clients decide the issue is too much of a deal breaker to buy we are the ones who can get you out of the binding contract you signed your way into.
Stay tuned for Part 3 of our “New Year, New Homes: A Homebuyer’s Guide” where you will find tips, tricks, and useful information about how to cope with being a buyer in a seller’s market!