Right now, the market is very competitive for buyers. In fact, national inventory of active listings is down over 40% YoY. This spike in demand means that buyers are going above and beyond to standout. From raising offers, to removing contingencies. Contingencies are conditions that must be met in order for the deal to be finalized. They are very important. That is why, if you are buying in a seller’s market, you need to be careful about removing these three contingencies:
1. The Inspection
A home inspection is essentially the step where most contingencies are built. That is why you should never skip it. A home inspection allows buyers to see if a home has any issues that need to be fixed. This is important to ensure that you get the best deal. Regardless of if you are buying in a seller’s market or not, skipping this step is a mistake.
2. Mold Remediation
If on the initial home inspection it turns out that the property has mold, it is crucial to bring in a mold specialist. If a home has a mold problem, it could potentially cause health problems. No matter how competitive the market is, if a home has mold, it is imperative to get it taken care of. Mold can get worse over time, and it can become very expensive to remediate. Therefore, this is a contingency that should not be overlooked.
3. Well Water/Septic System Inspection
When you purchase a property, you will be drinking and bathing in the water provided from it. Therefore, it is very important to conduct an inspection in order to make sure everything in that area is good. This is another issue that could be very expensive to remediate.
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Buying in a seller’s market?
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