Tag Archives: contingencies

What You Risk When You Waive Contingencies

Inventory hasn’t kept up with buyer demand for a while now in San Francisco. That’s led to very competitive offer situations and high sale prices. Most multiple-offer situations end up with a handful of buyers waiving all contingencies (e.g., conditions of the sale) in order to make their offer as attractive as possible to the seller.

But do all buyers realize what’s at stake when they waive all contingencies? Sometimes I’m not so sure. Continue Reading

What You Need To Know About Waiving Contingencies

It’s no secret that most buyers who are prevailing in extreme multiple-offer situations are submitting contracts that have no contingencies. That means there are no conditions, and that if a buyer changes his or her mind and backs out, there are no “safety nets” that guarantee the deposit money will be returned.

When you have an offer accepted by a seller, the first thing you do is submit your deposit to the title company. This is typically a sum of 3% of the purchase price, and the deposit is the good faith money that covers the seller for what’s known as “liquidated damages.” If the buyers change their mind about the purchase for a reason related to one of the contractual contingencies, the deposit can rightfully be returned. Continue Reading

Get in touch:

Eileen Bermingham

Corcoran Global Living

415.823.4656

eileen@insidesfre.com

DRE# 01352627

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