Understanding Your Bothell Real Estate Contingencies

A real estate transaction can include a wide range of contingencies that have to be met prior to closing. Some of the most common contingencies are inspection, appraisal, sell of a home, and loan approval.

A contingency is a condition that is written into a Bothell real estate contract. Examples of some contingencies include a home inspection, home appraisal, a condition that the buyer’s original home sells or that the buyer can come up with a mortgage. Contingencies are commonly found in many real estate contracts and can either act as a small or a major setback to the sale.

An example of one contingency would be a buyer putting in an offer that is based upon mortgage approval. If that buyer does not get approved for a mortgage the seller is able to accept any other offers put in.

The example above is pretty cut and dried. Either the mortgage is obtained or it isn't. Things can get much more complicated if a contingency has put into the contract that the Bothell house must have a satisfactory inspection, for instance. If any type of problem shows up during this inspection, the buyer can simply walk away from the sale or choose to negotiate with the seller.

The seller has the option of fixing up the problems found during the home inspection or reducing the price if he wants to go further with the sale. Both the buyer and seller can choose whether to negotiate or not.

Understating contingencies

It is always important that you understand these Bothell real estate contingencies before signing any contract. This is where the help of a good real estate lawyer comes into play. If there is anything you don't completely understand about the contract you can get it clarified with your lawyer. Contingencies can sometimes be worded using legal terms that you do not comprehend, and once you have signed the contract you cannot claim ignorance later if you did not fully understand part of it.

You can ask your Bothell real estate agent how to proceed if negotiations are needed due to a contingency. Your agent is a skilled negotiator and will do everything possible on your behalf to get you the best deal possible.

This is the time when you need to keep an open line of communication with your Bothell agent. Things can happen quickly during negotiations and he needs to know exactly where you stand at all times so that he can do his best to close the deal on your behalf.

For more information on buying or selling real estate in Bothell, Wa. contact Adrian Willanger.