Here are three big mistakes buyers are making in this market.
In this market, one of the biggest mistakes buyers are making is waiving all kinds of contingencies. Today we’ll go over three contingencies and why they’re important:
- Due diligence. This is the time that you’ll have your inspection. Waiving due diligence means you can’t have an inspection, so you won’t know what the property is like.
- Appraisal contingency. If you’re getting a loan, the lender will need an appraisal on the property. If a property appraises for less than the purchase price, that buyer must still pay the purchase price. It’s important to keep your appraisal contingency if you can.
- Finance contingency. This is one that buyers can waive fairly easily by working with a local lender and getting through the underwriting process.
In today’s market, homes are going under contract within a matter of hours and people are afraid they’re not going to have anywhere to live, so they’re waiving everything. Don’t do that. Buyers should work with a local agent that can help you through these steps and make sure that you’re not making mistakes. If you have any questions, feel free to reach out to us at elementsatlanta.com.