When you buy a home for sale in Lake City or another North Florida community, your real estate agent will build contingencies into your contract. Some of them you just can’t afford to waive.
Related: Contingencies: What You Need to Know
Contingencies You Can’t Afford to Waive When You Buy a Home
- Financing
- Appraisal
- Home inspection
Why You Can’t Waive the Financing Contingency
If you waive the financing contingency – the one that says if you can’t get financed, you don’t have to buy the home – you’re going to be on the hook for buying a home without a lender’s money.
At best, you’re risking losing your earnest money deposit. The seller will likely be allowed to keep it if you walk away from the deal in this case.
Related: What is an earnest money deposit?
Why You Can’t Waive the Appraisal Contingency
When the home appraisal comes in, your lender will use that figure to determine how much it’s willing to let you borrow. If you waive the appraisal contingency in your contract, though, your lender most likely won’t agree to let you borrow any money – but you’ll still be on the hook for buying the home.
Why You Can’t Waive the Home Inspection Contingency
You have the right to get a professional’s opinion on the home’s condition, but if you waive it, you could be asking for trouble. You won’t have any way of knowing whether the home has minor or major issues without a professional inspection – and waiving the contingency means you lose your right to make requests for additional repairs.
Are You Selling or Buying a Home for Sale in Lake City?
If you’re selling a home in Lake City, we’re the local experts. We know how to market your home aggressively and bring in qualified buyers, and we’d love to help you sell quickly and at the right price.
If you’re moving to Lake City, we can help you find the perfect place to live. Call us at 386-243-0124 to tell us what you want from your home and we will begin searching right away.
In the meantime, check out the most popular Lake City home searches by exploring the links below.
