Home Buying in Hicksville>Question Details

Kaska77, Home Buyer in Hicksville, NY

Are contingencies to be included within the initial offer or when the offer is accepted and a contract is drafted and reviewed by my attorney?

Asked by Kaska77, Hicksville, NY Wed Feb 16, 2011

Im not sure if I have to include the basic contingencies every time I make an offer on a house. As I understand it, the "offer form" does not even include such space, but rather one realtor has informed me that during an initial offer, I just provide them with the amount of money that I am willing to pay for a house and then once the offer is accepted by the seller, then the offer goes to contract and my attorney reviews it and contingencies are included. As a result, I am very scared to even put in an offer for any home that Im viewing because Im afraid that the realtor does not have my best interests at hand.

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You should include all contingencies with the original Purchase and Sale agreement. Your Realtor has access to all the forms necessary and can include the proper form for whatever contingency you are requesting.

Once you have mutual acceptance you have a legal contract. The seller has made his/her decision to enter into the agreement with you based on what items were or were not included in the offer.

Any contingencies asked for after mutual acceptance would have no bearing on the contract already in place. The seller, out of the goodness of his/her heart, might choose to consider and sign a contingency, but is under absolutely no obligation to do so.
0 votes Thank Flag Link Fri Mar 20, 2015
Hi Kaska77, If there is a contingency you should include it with the offer. Example: A buyer may make an offer contingent upon a satisfactory inspection report...owner needs to know that the offer is contingent upon a satisfactory inspection report because if the report comes back unsatisfactory it could create a misunderstanding.
0 votes Thank Flag Link Wed Feb 26, 2014
Kaska, What contingencies are you talking about? When dealing with anyone, it's always better to be up front about any "contingencies" or other any other issues a seller may have to consider when making a decision to take your offer. The "oh, by the way" approach is not a good idea - makes the owner wary of you and may make it difficult to deal. Things like a seller's concession or the fact that you currently own something that has to be sold in order for you to be able to purchase are material facts that should be disclosed. What you probably need is a buyer's agent - they work FOR the buyer, not merely WITH the buyer. I'd be happy to assist you if I can.

Please feel free to contact me with any further questions.
Ralph Windschuh
Associate Broker
Certified Buyer Representative
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
0 votes Thank Flag Link Fri Feb 18, 2011
Leave the contract details for the attorneys to discuss and handle, the agent is correct--your initial offer should include your mortgage pre-approval/pre-qualification letter, it should state the amount you are willing to pay, the downpayment amount and the option to have the property inspected by a licensed inspector--again, all contract details are handled by your attorney, therefore do hire one that specializes in real estate.
0 votes Thank Flag Link Wed Feb 16, 2011
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