Contingencies when buying a home in Salt Lake

Deborah & Steve Love
Published on May 25, 2017

Contingencies when buying a home in Salt Lake

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Contingencies Protect You When Buying A Home

Buying a home in Salt Lake is an exciting experience, especially if it is your first home. As you go through the process of home buying, however, there will inevitably be a point in time where you experience the “What Ifs”.

What if’s” are those doubts that creep into your mind after the rose colored glasses come off …after you have found “The” home to which you are about to give your commitment, your time, your love…and your money. Thoughts like

  • What If”…I can’t afford the house after I buy it?
  • What If”…I find out the air conditioner doesn’t work?
  • What If”…I lose my job in the next month?
  • What If”… I don’t qualify for the loan?
  • What If”…I change my mind? T

There are a thousand different “What If”s that go through buyers minds at different points in the process of homebuying, but don’t worry. In Salt Lake these “What Ifs” are handled through “Contingencies” that are written into the REPC ( Real Estate Purchase Contract).

Contingencies that are standard for homebuying in Salt Lake are those that deal with:

  • Finance Contingency– Utah Real Estate Purchase Contracts protect the buyer if he cannot ultimately qualify for a loan or the loan terms and conditions (payment amounts or variable rate etc) are not what he wants.
  • Appraisal Contingency-If the sales price of a property comes in below the sales price, the buyer has the right to cancel the real estate contract.
  • Due Diligence Contingency– The REPC protects the buyer by allowing her time to inspect the property, find any problems with condition, and negotiate the remedy with the seller. Due Diligence Contingencies also allow the buyer to cancel the contract if he cannot remedy the condition, or if he just simply changes his mind.

During the contract period, usually 30-45 days, there is ample time for you to find the answers to all the “What Ifs” especially if you use a great Buyers Agent.

Your Buyers Agent , especially if you…ahem…use Us, will know how to protect you and address any concerns you may have by:

  • Properly preparing you to make an offer- not only getting you pre-qualified with a lender, but making sure you are in the right kind of loan for your circumstances, AND that you are comfortable with your price range and payment. They will help you make a plan for Earnest Money and whatever down payment you will need as well.
  • Counseling with you on what terms and conditions (contingencies) should be included in your offer to address all your concerns and to protect you in the transaction.
  • Planning the Home Inspection with you and attending the inspection to help address any problems with conditions and help you find the answers to all the questions.
  • Communicating with both you, the lender, and the seller’s agent to make sure the transaction goes smoothly, all contingencies are met, and to head off any problems that might occur.

So, never fear, contingencies when you buy a home in Salt Lake are there to protect you, the buyer. And if you have the right people working for you (smiling slyly here), your experience will be as it should be…..Fantastic!

Start your Search for affordable homes here. Til later, ciao

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Contingencies when buying a home in Salt Lake
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