The Contingency Relief Valve For St Cloud Homebuyer Anxiety
The Contingency Relief Valve For St Cloud Homebuyer Anxiety
Before a first-timer has experienced the complete home-buying process, given the number of unknowns that seem to be dependent on one another, they’re bound to be at least a little baffled. What if there are unseen problems with the house? What if the home loan company decides not to cooperate? What if—well, who knows what other snags could pop up? Common sense tells them there must be ways to address all the unknowns; otherwise, no one would ever be able to buy a home.
The most common way to deal with the unknown possibilities is to seek the help of an experienced St. Cloud Realtor® like yours truly. And in fact, the majority of the greatest risk factors can all be tamed by a single concept—one that is built into almost every formal offer to buy. The concept is the “buying contingency”—a built-in fail-safe every homebuying veteran knows well. There are usually multiple contingencies built into every offer to buy. Each one addresses a what-if circumstance that allows the buyer to either opt out or alter the offer. Here are five areas where contingency clauses serve to alleviate buyer anxiety:
Financing. If a buyer isn’t planning on paying with cash, a home loan will have to be arranged. If it cannot be arranged in a timely manner, a financing contingency may relieve the buyer of being penalized for the failure to close.
Appraisal. This is usually part of the financing situation. If the St. Cloud lender’s appraiser arrives at a value lower than what would warrant a sufficient home loan, this contingency may allow for a renegotiation of the price and/or a cancellation of the deal.
Inspection. If the buyer’s professional inspector’s report discloses interior or exterior faults that were previously unknown, depending on the extent of the problems, this contingency addresses what happens next. If negotiations fail to yield a satisfactory solution, the buyer can back out of the sale.
Title. This contingency addresses possible “clouds” or undisclosed liens or judgments against the property.
Home sale. First-timers don’t need to worry about this one—but for existing homeowners, this allows a buyer sufficient time to sell their own home. If no buyer surfaces, it allows the buyer to avoid having to pay for two homes at once. The downside is that the seller may choose a competing offer (even one for a lower sale price) if it doesn’t contain this contingency.
Multiple contingencies are effective ways to relieve buyers of risks that would otherwise prevent a free-flowing market. When you give me the nod to help you find and negotiate your first St. Cloud home, they are among the many details that I’ll be able to clarify as we encounter them. Call!
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Author:Noel Johnson Phone: 320-980-3100 Dated: June 21st 2019 Views: 158 About Noel: Passion for investing in real estate brought me to create Premier Real Estate Services in 2002. Ten ...
My objective is simple; to do for you what I would wish someone in the same position to do for me which means always acting in your best interests in order to achieve the goals that you have set for yourself. I have been in the real estate business for over 20 years and began when I started in the construction of homes. I have built homes from the ground up (pouring footings to setting the last finishing nail) which is a huge benefit for you as I can share that knowledge about home construction with you. I have successfully negotiated hundreds of contracts and fully understand the process as well as every line of a contract that you will be signing your name to. We are the only entity that can work with legally binding contracts w hile not holding a law degree and as such we have very specific fiduciary responsibilities to our clients and I take them very seriously. My goal is to make the process not only informative and educational thereby removing the fear or anxiety that some experience but also to make the process both exciting and fun and I strive for 5 stars in every transaction. The bottom line is if you're not happy, then neither will I be!
St. Cloud neighborhoods are already boasting their traditional pre-Ha
"I moved to the area from Alaska in 2006. Patrick was one of the first people I met. Not only did he help me find my first "starter" house, but he also got me acquainted with the area. His knowledge of the housing market was second to none. He has since sold my "starter" home and found and facilitated the purchase of our dream home. He was also the purchasing agent for some friends of mine who moved here from out of state. They couldn't be happier. I wouldn't hesitate to recommend Patrick to anyone for their real estate needs. 5 stars all the way!Steve T.
Patrick takes the time to make sure he understands your needs and expectations. He also ensures that you are fully informed during the entire process of selling and/or buying your room. His personal devotion to knowing the current housing market, latest trends and having access to several resources- makes him a very valuable source of information, in addition to being an excellent Realtor. I have so much confidence in Patrick that I never hesitate to refer him to family and friends. He has helped my friends sell their homes for thousands over what other realtors told them was even possible. I can't say enough great things about him. When we make our next move, we will be using Patrick Torgrimson- you should too!!Nancy A.