The process of buying or selling a home in Encinitas has become more complicated than when I first started as an Encinitas Realtor over 20 years ago. These days buyers and sellers negotiate on Encinitas homes beyond just the purchase price.
While the purchase contract is ratified and legally binding once it is signed by the buyer and seller, there are often contingencies within the contract that revolve around certain parts of the transaction such as inspections, loan approval, appraisal, and the sale of the buyer’s currently owned property if they own one.
These contingencies are important to understand before signing the contract as they could lead to not just disputes, but other hazards that could lead to the end of the deal on the house.
It is imperative that you consult with a real estate agent in Encinitas regarding these contingencies and it may also be necessary to consult with a real estate attorney as well. Here are a few tips you can follow as a buyer or seller to avoid any contract surprises.
Having an inspection performed on your home before you sell will allow you to isolate and recognize any potential issues such as a leaky roof or issues with plumbing so that you can be upfront when dealing with buyers. You can then have these defects fixed or when the buyer has their inspector evaluate the home you may be able to avoid renegotiation.
It is a good idea before selling a home to have your house appraised in order to avoid potential disputes over price during the appraisal contingency. While the appraiser for the buyer may value the home at a different price it can give you the confidence to know what your home really deserves to be bought for.
As a buyer it is imperative that you make sure your purchase contract has contingencies for inspection and appraisal so that you avoid paying too much for a house that has hidden defects.
To learn more about common surprises in real estate negotiation you can read the article from Inman News.
By Linda Moore