After your offer is accepted, strict dates and deadlines come into play. Initially, you’ll need to wire your initial deposit, typically 3% of the purchase price, to the Title/Escrow company usually within 1 to 3 business days of acceptance. This marks the start of the contingency period, a critical phase for conducting inspections, securing financing, arranging insurance, and appraising the property. The contingency period typically lasts 17 days or as negotiated. During this time, your deposit may be at risk if you don’t meet specific contract contingencies.

Key contingencies include:

Inspection Contingency: You can hire professionals (e.g., home inspector, pest inspector, surveyor) to identify property defects. We’ll assist in scheduling any essential inspections. If you have concerns about the property’s condition, you can request a credit from the seller, ask for repairs, or cancel the contract within the investigation contingency period. Remember, the seller isn’t obligated to agree to any of these.

Loan Contingency: You must secure a mortgage loan commitment within the contract’s specified timeframe. If you can’t secure financing with the outlined terms, you can cancel the contract within the loan contingency period.

Appraisal Contingency: You or your lender may require the property to appraise at or above the purchase price. If it falls short, you can negotiate with the seller for a price reduction, contribute additional funds, or cancel the contract within the appraisal contingency period.

Navigating these contingencies is critical, underscoring the importance of having an agent with strong negotiation skills. Keep in mind that successful execution depends on various factors and the seller’s cooperation.