Contingencies. What are they?
Contingencies are basically buyer protections clauses designed to give them the opportunity to do their
own due diligence. Typically this is when the buyer has the opportunity and the time to bring in their own inspectors
to do their own inspections or to think about the appraisal value from their lender. Designed to slow things down.
However, at least here in Silicon Valley, things like the most common types of inspections (property, pest and roof) are done in advance by the sellers.
To make it easier for buyers to make decisions without incurring the cost or the time to do their own inspections. In a seller’s market when
the competition is hot, contingencies are used to eliminate offers. Designed to speed things up and to waive contingencies.
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