Luxe Key Realty, LLC.
Olga Rodriguez, Luxe Key Realty, LLC.Phone: (786) 217-7347
Email: [email protected]

Contingencies To Keep When Purchasing A Florida Home

by Olga Rodriguez 06/18/2018

In competitive housing markets, it can be tempting to do just about anything to get a seller to take your offer. Many times, buyers will drop contingencies in the contract to entice sellers. This is a bad idea for many reasons. First and foremost, if there’s something wrong with the house, you have no way to get it fixed. The problem becomes yours especially if you waive individual rights that you have as a buyer. If you want to drop some contingencies, you have a few options. Read on to find out which contingencies you should never cut when buying a Florida home.  


Inspection Contingency


Any real estate agent will tell you that they recommend their buyers get a home inspection. You have a right to have a licensed home inspector check out the home you’re about to purchase within a specific timeframe (usually a week) after you sign the purchase and sales agreement. When the inspection is completed, you’ll get a detailed report about the home. You have the right to request that the seller make repairs to the house. You can decide what from the inspection you wish to have fixed. The seller can simply agree to make the repairs or make a counteroffer to you in the form of a cash payment. The seller can also refuse to make the repairs. From here, buyers have the right to back out of the sale and get the deposit back. The inspection is one of the most critical contingencies that a buyer can have. 


Financing


You most likely need financing to buy a home. A financing contingency states that the sale of the property is based on the buyer being able to secure funding before the transaction is complete. If you can’t obtain a loan for some reason, this clause protects you as a buyer to ensure that you aren’t responsible for coming up with the money to buy the home on your own. An impossible feat for most Floridians on a day-to-day basis. Usually, you’ll have up to 14 days to get the financing approved by your lender.


House-Sale Contingency


If you’re selling a home and buying a new one, you need this contingency in your contract. This clause states that if the sale of your current home falls through, you can back out of the purchase of the new house. This clause can also be called a “prior-sale contingency.” It’s excellent protection for you as a buyer to allow you to back out of the sale without losing any of your earnest deposit money. 


If you’re buying a home in Florida, talk to your real estate agent and have him discuss the essential contingencies that you should have in your contract specific to your situation.             


About the Author
Author

Olga Rodriguez

Olga L. Rodriguez, Realtor I am a customer-service-oriented real estate agent who helps home buyers and sellers in Florida, in the cities of Miami, Kendall, Coral Gables, Hialeah, Palmetto Bay and Miami Beach. If you're looking for an agent with patience, perseverance, and a passion for helping people, you've just found her! My working experience I received my real estate license in 1986. Since that time I have worked in the real estate field both part time and full time. When raising my children I worked as a teacher and part time real estate agent. I have also worked as a real estate paralegal, and appraiser. Working as a teacher I learned the skills of patience, perseverance, and being organized. My paralegal experience allows me to efficiently explain legal documents to my clients. The knowledge that I gained from working as an appraiser allows me accurately price the homes of my sellers and advice my buyers on the price of their purchases. My love for math, negotiating, business and my passion for helping people has led to choose real estate as my preferred profession. As a realtor I can truly say, "I love my job”. What Makes Me Different from Other Agents Service: I strive to exceed my clients' expectations in all aspects of the real estate process by providing excellent customer service and effective negotiating practices. Education: Success in real estate starts with education. You have to understand the nuances of the local market, the dynamics of supply and demand, and how these things affect buyers and sellers. I make sure that my buyers and sellers are well informed at every step of the process, so they can make smart decisions. Contact: Buyers, sellers and renters have a lot of questions during their real estate transaction. I let them know what is happening every step of the way during their real estate transaction. I am available at all times and can be reached by phone, text, or email. A Smoother, Less Stressful Real Estate Experience Buying, selling or renting a home can be exciting, but it can also be stressful. That's why I work extra hard to keep my clients informed, and to make the process as smooth as possible. In my free time I enjoy traveling, visiting new cities, states and countries. I also enjoy swimming, cycling, and boating.