Shorter contingency periods make home offers much more appealing. Here’s what you should do.
When demand is high in real estate, buyers find themselves competing against each other. In order to beat out the competition, it’s important to make a strong offer. One simple way you can do so is to write a shorter contingency period.
The shorter the contingency period, the more appealing it looks. If you’re able to shorten or even remove your appraisal or loan contingencies, sellers are more apt to pay attention to your offer. You can use the time for your inspection contingency to handle the appraisal and loan processes as well.
For example, if you have 17 days to do your inspection, get the appraisal done within those 17 days. The inspection contingency is considered a free look, and you don’t need to give a reason in order to back out of the deal.
By shortening your contingency period, you’ll find that your offer is more likely to be approved. If you have any questions or would like more information, feel free to reach out to us. We look forward to hearing from you soon.