Lake Forest Homes

Making an offer to purchase

Using comparable home sales

Make your offer

Ernest money deposit

Contingencies in a purchase agreement

Agreeing on price & terms

Home warranty

Occasionally, once you’re in escrow you might come across a problem or two, you work them out with the seller and continue the escrow process. 

However, if a problem arises that cannot be worked out, you’ll want to cancel the contract without penalty. A safe way to cancel, if necessary, is to use what is known as a "contingency," and you’ll want to make sure they are included in your offer when you purchase a home.

Most of the important contingencies are already written into a Real Estate Purchase Contrast. Some of these include, but are not limited to:

• Obtaining financing

• Appraisal on the property

• Certain inspections must be performed and pass

• Buyer’s Acceptance of the condition of the property

• Sale of Buyer’s property, if you had to sell a previous home to buy the next one

These contingencies are included to protect you. If there is a specific issue you need to be a contingency, let your agent know so they can be sure to include it in the offer.

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Written By Shan Roberts