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Today, I want to discuss contingencies in the purchase contract. There are three really big ones I want to remind you about:
- Loan: Any buyer buying a loan has to be approved. Even if you were approved initially, if something changes with your credit you could add a contingency that allows you to get your earnest money back.
- Appraisal: The property has to appraise. Even in today's competitive market, where some buyers have to offer above list price, the property still has to appraise. This contingency will protect you from paying WAY too much.
- Inspection: In Arizona, you have 10 days to do your due diligence and make sure you know everything you can possibly know about the property.
As always, if you have real estate questions of any kind, give us call or shoot us a quick email. We service the entire Arizona area, so don't hesitate to reach out to us for help, wherever in this great state you might be!
