Thanks to housing inventory being at historic lows and home prices at historic highs, these days buying a home is like a competitive sport. You must be quick, smart and a step ahead of your competitors at all times. And it’s also a good idea to have some strategic options in your back pocket just in case the competition is super fierce. One strategy you can utilize in this red-hot market is to waive contingencies. This may be just the thing you need to stand out among other prospective buyers and give sellers they promise they desire of a speedy sale. But be careful, there are some risks involved in waiving contingencies.
There are some contingencies that should never be removed, but there are some that can be removed without too much risk to the buyer.
- FINANCING CONTINGENCY – BUYING WITH CASH
A financing contingency is put in place to afford buyers a window of time to secure a mortgage loan for their home. But if you don’t need a loan, this is a contingency you can waive without worrying about negative consequences. Just be sure your budget is in order, and you are certain you have the cash on hand to go through with the purchase.
- TIME FLEXIBILITY
If you are in no hurry to move and can wait a few weeks (or months) after closing to move into your new home, you could consider waiving the right to possess contingency. You are basically telling the seller that you are willing to be flexible with the move-in date. This could help you stand out among other buyers if the seller needs more time to move.
- OWNING TWO PROPERTIES
The home sale contingency can be a deal breaker for sellers. It allows buyers to move forward with the purchase of a new home only if their current home sells by a specific date. If the buyer’s home does not sell on time, they will get their deposit back and the contract will be terminated. Many buyers will NEED this contingency because they can’t afford to continue paying the mortgage on their current home while starting payments on the new property. However, if you are able and willing to pay for two mortgages at the same time, this may be a contingency you can waive that will make you stand out to sellers. If your current home is marketed well and priced properly, it shouldn’t take long for it to sell anyway!
Buying a house in this hot, competitive sellers’ market can be stressful and overwhelming. But with a professional Realtor on your side to advise you, you just might be able to come out on top in “winning” the home you desire!
Are you thinking of buying a home or selling your current home in New River Valley, VA? Then it is time to contact Desi Sowers, your New River Valley, VA real estate resource! Give her a call today at 540-320-1328!
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