Buying a Stephenville home can be a stressful time, and there are some uncertainties that can pop up during the process. Adding contingency clauses to a home sale protects both the buyer and the seller from unknown and/or unforeseen factors. Detailing some conditions that must be met before the house is closed on can save everyone a hefty headache. Here are a few tips:
One contingency that protects a home buyer’s interest and is fairly common is a mortgage contingency. A mortgage contingency states that the home buyer will shop around for a specific kind of loan with a specific rate. If the home buyer does not find the type of loan they are looking for at the rate they have specified, they reserve the right to back out of the contract. This can save home buyers from financial distress by alleviating the need to rush to get a decent loan before closing. This also can prevent home buyers from going underwater on mortgages due to settling on a loan they didn’t want at a rate that was too high.
Mortgage contingencies protect a home seller’s interests as well, according to Scott Storace of Orange County Funding. Many mortgage contingencies state that if a home buyer doesn’t notify the home seller of their inability to find a mortgage by a specific date, they have to buy the home with or without financing. Often, in this case, the home seller will reserve the right to choose a mortgage for the home buyer. This ensures that the home buyer’s financial interests are looked after and their home is purchased as agreed upon so they don’t have to go through the selling process again after investing all of their time in this sale.
Other contingencies, such as appraisal and inspection contingencies, are often taken advantage of to make sure that the home buyer isn’t paying too much and the home seller isn’t accepting too little.
Contingencies in the home offer can be tricky to deal with. For clarification and help through the process, get in touch with us. We are qualified Stephenville, Texas real estate professionals and we are here to help you get you the best deal, whether you’re buying or selling.
“Cindy Carrell is an amazing realtor! Cindy did an excellent job marketing our home & successfully helping it to sell for exactly what we wanted and in under 60 days. Cindy is professional and a pleasure to work with. She is prompt to answer questions and to help resolve those situations that arise while selling and buying a home. Cindy also helped us find our forever home within a week of listing our house. If you are looking for a realtor Cindy is an excellent choice!”
Cindy Carrell is an amazing realtor!
“Terry Childers was extremely helpful, reliable, friendly, and knowledgeable. We had some bad luck while house hunting but Terry was persistent and never let up. He went above and beyond to make sure we were satisfied. If we ever sell or buy again Terry is our only choice.”
“Desiree Bridges went above and beyond to help us first time home buyers go through the, at times stressful, process. She constantly followed up on items and helped us stay on track, along with the bank and seller. Throughout the entire process she was professional, knowledgeable, and trustworthy. She took our complete lack of real estate knowledge in stride and answered every question. We never had to worry that something was slipping through the cracks on her end. And now we are satisfied home owners. Highly recommend and if I were gonna to buy another one I’d go with Miss Desiree again at Hayden Real Estate!!”
“Jamie Stockstill held my hand through the entire process. Being a first time home buyer I had a million questions but she was always there, no matter what time of day, to answer my calls or texts. I always felt like she was working for my best interest. I will recommend her to anyone I come across looking to buy or sell.”
“Eric & Jamie Hayden were great to work with. They are very responsive and know the area well. They have a great team around them that made the process of selling very easy. We were out of state during the sale and they went above and beyond to assist in coordinating with us. Definitely recommend!”