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Murfreesboro, TN Homes for Sale by Benchmark Realty LLCMurfreesboro, TN Homes for Sale by Benchmark Realty LLC

Lane Wommack – 615-542-6261
Rebecca Wommack – 615-542-0660
Lora Rodgers – 615-772-5576
Don Richer – 615-456-9189
Delena Marie – 615-684-9505
Ruth Ocana – 615-593-4995
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Seller’s Guide to Buyer Contigencies

It’s seems there are many news articles that talk about the fact it’s a “seller’s market.” This means if you are selling your home, you’ve probably gotten a few offers from which to choose. While sales price is important, so are the contingencies attached to the offer. Understanding what these contingencies mean can help you choose the best offer from the pack.

5 Most Common Contingencies

  1. Home Inspection Contingency–This allows the buyer the right of a professional inspection to determine the condition of the home. Generally, this must be performed within seven to ten days. Afterwards, the buyers negotiate repairs through their representatives with the sellers and their representatives.  The inspection typically will address everything from a loose doorknob to possible further inspections if there are more issues like structural or fugal along with any safety, fire, and system condition issues.
  2. Appraisal Contingency–A professional appraisal will be ordered to ensure the price offered in the offer is fair market value. If the purchase will be financed, the lender must ensure the home is worth the loan value.
  3. Final Loan Approval Contingency–This contingency protects the buyer in the event they are unable to obtain final loan approval. However, the buyer is not allowed to put themselves in a position to no longer afford the property like financing a car, or charging items to a credit card.  The Purchase-Sale-Agreement strictly states this. Doing so could lead to a possible lawsuit. Make sure your realtor discusses this with you.
  4. Sales of Current Home Contingency – Sometimes a buyer will make an offer on a new home before their current one has sold. This contingency protects the buyer from having to complete the new sale until their home has sold as they may not qualify financially without the sale of their home.
  5. Title Contingency–This contingency protects the buyer if the seller does not have the “right” to sell the home due to unforeseen ownership issues.  This is a very complex area.  A title company needs to be used to make sure proper title insurance is issued and there aren’t any other title issues like liens, easements, and proper ownership.  This is where usually most For-Sale-by Owners (FSBO’s) get into “sticky water” and legally can be a long a drawn out process.

Contingencies are part of most real estate contracts. As you review buyers’ offers, make sure to consider both the kind of contingencies and how long before the buyer must remove them. This way, you will choose the offer with the best terms and price.

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Featured Properties

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615-809-2323 Office
615-542-6261 Lane
615-542-0660 Rebecca
lane@teamwommack.com
License# 00327349
rebeccawommackrealtor@gmail.com
License# 335407
Benchmark Realty, L.L.C.
630 W. Burton St.
Murfreesboro, TN 37130
Office License # 261865

Murfreesboro Real Estate

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Featured Properties

4727 Peytonsville Rd E $7,500,000

4727 Peytonsville Rd E Franklin, Tennessee

5 Beds 8 Baths 8,883 Sq Ft 13.030 Acres

0 Old Hillsboro rd $6,499,000

0 Old Hillsboro rd Franklin, Tennessee

5 Beds 7 Baths 8,252 Sq Ft 10.769 Acres

1416 Chickering Rd $6,000,000

1416 Chickering Rd Nashville, Tennessee

5 Beds 8 Baths 5,750 Sq Ft 9.430 Acres

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2618 Factory Rd Murfreesboro, Tennessee

Beds Baths Sq Ft 112.090 Acres

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7 Beds 11 Baths 10,668 Sq Ft 1.830 Acres

160 2nd Ave S 3401 $4,250,000

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1517 Lone Oak Cir $4,195,000

1517 Lone Oak Cir Nashville, Tennessee

5 Beds 9 Baths 6,857 Sq Ft 0.710 Acres

160 2nd Ave S 3102 $3,999,999

160 2nd Ave S 3102 Nashville, Tennessee

2 Beds 3 Baths 2,384 Sq Ft Acres

1816 Franklin Hills Ln *Lot 2* $3,999,900

1816 Franklin Hills Ln *Lot 2* Franklin, Tennessee

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4618 Belmont Park Ter $3,749,950

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160 2nd Ave S 2007 Nashville, Tennessee

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1411 Old Hickory Blvd $2,899,000

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