At times, the real estate market can be so hot that people face challenges when buying a home. Houses might sell the day the homeowners list them, which creates problems for buyers. If you want to buy a house and have trouble getting to see them before they sell, you can talk to your real estate agent about your options. Your agent might suggest using some of the following contingencies to land a deal with the real estate you want to buy.
A Contingency to View the Home
Most people do not know that they can write a purchase offer for a house sight-unseen that allows them to view the house. When houses sell quickly, buyers might call their agents to schedule viewings on new listings. By the time the buyers communicate with their agents, people might already have purchased these homes, leaving the buyers stuck once again without a house to buy.
If this happens to you when shopping for a home, ask your agent about writing an offer with a contingency to view the home. When you add this contingency to a purchase offer, you are telling the seller that you are willing to buy the house, but you must be able to see it first. With this contingency, you at least get to view homes before others snatch them up.
If you view a home after adding this contingency, you can either agree to buy it or not. This contingency lets you out of the deal if you do not like the home. It allows you to buy the house, though, if you like it.
Contingencies for Inspections
The other way you can handle buying a house sight-unseen is by adding inspection and appraisal contingencies to the contract. If you cannot get to a home right away to see it but are somewhat certain you want to buy the house, you can put in an offer. The offer must contain the necessary contingencies for inspections, as this gives you a way out. You must state that the home must pass the appraisal with the correct value, and the home must favorably pass all inspections. If the real estate does not pass these tests, you have a way out of buying the house.
When homes sell quickly, it can be more difficult to find one to buy that you really like. Talk to your real estate agent to learn more about your options in this situation.
