Home Buying in Belltown>Question Details

Trulia Seatt…, Other/Just Looking in Seattle, WA

What contingencies should be put in an offer?

Asked by Trulia Seattle, Seattle, WA Wed May 29, 2013

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Only the ones necessary to make the informed and complete decision. A clean offer has the least number of contingencies possible. This will make an offer stand out against another with every box checked and every form added.
I agree with Kary, that each situation is different as is every buyer, so a good working knowledge of what each one does, the timeframe attached and the way it may overlap with others is required to do the best possible job..
1 vote Thank Flag Link Wed May 29, 2013
Discuss with your buyer's agent the pros and cons of including or not including each specific contingency addendum. Your agent's experience and advice are priceless in deciding on these choices.
1 vote Thank Flag Link Wed May 29, 2013
In addition to the standards, inspection, financing, etc. mentioned below, if you are purchasing a condo in Belltown you would typically include a contingency for review of CC&Rs (covenants, conditions and restrictions) of the homeowner's association, as well as all other HOA/condo paperwork.

I agree with the other posters that you need to review your situation with your agent to determine which contingencies are appropriate in your situation.
0 votes Thank Flag Link Thu May 30, 2013
You should put as many contingencies in your offer as you require to protect your interests, but not more than will be rejected by a seller. To determine the appropriate number of contingencies, you need to consult with an experienced Realtor.
0 votes Thank Flag Link Wed May 29, 2013
You should discuss with your agent, but some contingencies might include:

1. Financing
2. Appraisal
3. Credit toward closing and prepaids
4. Inspection of entire premises, including but not limited to radon, radium, well, well water, well, septic....
5. Closing date and many more.
6. Occupancy date
7. And many more.

Some of the above are required in our state by most lenders and others are not. In most cases, the more contingencies you put in your offer, the less likely the seller is going to accept. Sellers like clean unencumbered offers. That said, you need to protect your investment before you buy so buyer beware.
0 votes Thank Flag Link Wed May 29, 2013
It depends entirely on the situation and whether or not you contemplate competing offers. It's a much more difficult decision now than a year or two ago.
0 votes Thank Flag Link Wed May 29, 2013
It's entirely at the buyers discretion, but in order to best protect yourself it's wise to include the most essential. Financing, title, inspection, etc...

What we're seeing in Seattle is that it's becoming such a bidding war that many buyers are waiving contingencies to make their offers more attractive to the seller. Although it's entirely buyer discretion, I always encourage my clients to make a contingent offer, if they can. I'd rather not win the offer than have a client buy a property with major unresolved issues.
0 votes Thank Flag Link Wed May 29, 2013
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