Some contingency clauses that can delay a home sale

 Sell My House Fast - GSAP: Unavoidable contingency clauses in contracts that can delay your home sale

Greenville, United States - /Sell My House Fast Greenville -Spartanburg-Anderson-Pickens/

5 contingency clauses that can delay a home sale

Traditional sales and their associated contingencies clauses are not an ideal selling method for owners aiming for a quick sale and closure. When the seller does not meet these clauses, the likelihood of a deal falling through becomes high. Sell My House Fast - GSAP, cash home buyers in Spartanburg, discusses these contingency clauses and how a home seller can avoid them.

A contingency in real estate refers to a clause in a purchase agreement specifying an action or requirement that must be met for the contract to become legally binding. Both the buyer and seller must agree to the terms of each contingency and sign the contract before it becomes binding. When the conditions of the contingency clause are not met, the contract allows one party (usually the buyer) to back out without legal or financial impact. 

1. Title – Before closing the deal, buyers may conduct a title search for their property or contact a title company to access a title report showing the property liens, ownership disputes, or so-called “title defects.” If there is a title issue, the buyer may insist on a title contingency clause in the agreement that makes the seller responsible for resolving the title issue. If the seller fails to meet the clause by the contingency date, the buyer can legally opt out of the contract without any liabilities.  

2. Inspection – The “due diligence” contingency gives buyers the right to get the property professionally inspected. From the electrical, plumbing, and structural to HVAC elements, a professional can inspect the interiors and exteriors of a property within a specified period to protect the buyer from a bad purchase. If the inspection report shows flaws, the buyers can either cancel the deal or ask for a discount or repairs from the seller. In this scenario, a seller may agree or disagree. If the seller agrees, it means more time and money investment to make repairs. If the seller refuses, the buyer backs out and takes back the earnest money. Now the seller has to look for another buyer.

3. Appraisal – When a buyer applies for a mortgage, the loan vendor will get the house in question appraised. An appraisal contingency ensures a property is valued at a specified minimum amount. In case it isn’t, the mortgage may get rejected, and the buyer may back out of the deal. This contingency is almost always a part of all real estate agreements, even in the absence of a financing contingency.

4. Mortgage/financing – This contingency grants buyers the time to obtain the funding to purchase the property. If the mortgage gets rejected, the buyer can walk away from the agreement. This contingency documents the period in which the financing will be acquired, failing which the buyer either backs out or requests an extension. If the buyer does not request an extension before the contingency date, the agreement remains valid, and the buyer has to purchase the property despite a loan rejection. 

5. Sale and settlement – This contingency makes property purchases dependent on the sale of another house. It also gives sellers the freedom to continue marketing their homes, stipulating that the buyer will be allowed to remove the sale and settlement contingency within a specified period (typically 24-48 hours) if the seller receives another offer. If the buyer cannot remove the contingency, the contract is terminated, the seller can accept the new offer, and the earnest money is returned to the buyer. However, if the seller doesn’t find a request, the contingency puts a seller at risk as there is no guarantee that the old house of the buyer will sell. 

Whether these contingencies protect the buyer or the seller, the fact remains that they make selling a house quickly very difficult and time-consuming. In a traditional contract, these contingencies are unavoidable. But home sellers can circumvent these contingencies by working with a cash home buyer like Sell My House Fast - GSAP. Sell your house fast and as-is to avoid the delays caused by contingencies.

Why Sell My House Fast - GSAP?

Now selling a home in Greenville, Spartanburg, Anderson, and Pickens is easier. Sell My House Fast - GSAP is an established cash home buyer that eliminates the middlemen such as agents, banks, and inspections and saves home sellers a ton of money and nuisance. The company makes cash offers and closes deals quickly, renovates the house, and sells it to new buyers. Homesellers can receive a “cash for your house” offer by visiting the website https://sellmyhousefastgsap.com/ and filling up a simple form with contact details. The company will then schedule a property viewing and make a fair cash offer within 24 hours. The home seller can choose a closing date after accepting the offer. The escrow and money transfer to the home seller will be taken care of within 14 days. It’s that simple!

To sell your house fast, call Sell My House Fast GSAP at (864) 428-9197 or email myles@sellyourhomeupstate.com