When sellers add contingencies, it is usually just a couple that can be easily amended, and which do not cost the buyer much. Yet, when buyers add contingencies, on the other hand, seller may face delayed expenses, such as on home inspection defects, or may confront the possibility that the house would not sell at all.
The Miami real estate market today is a buyers’ market beyond reasonable doubt. When a contract comes through in such a market, a seller must keep his or her emotions leveled down. One does not have to roll over and play dead with accepting any terms that the buyer may offer. Consider that you have a contract in your hand. While the buyers may have dozens of other homes to choose from, they have chosen yours because it obviously accommodates the specifications that they are looking for in a house at the price they more than likely prefer. If this is the case, the seller must concentrate on the terms. In today's Miami real estate market, if your house is priced properly, then you only have to concentrate on terms in order to get a winning deal on the board.
The challenge of admitting a contingent contract in many MLS in the Miami real estate scene is that the status shifts from Active to Under Contract/Contingencies. The problem with this is with so many homes on the Miami real estate market, roughly 99% of buyer agents only look through active listings for their buying clients. These agents rarely seek out listings with Under Contract/Contingencies status. Of course, they are evidently in negotiation with a buyer already.
Hence, switching the status may mean a home for sale would linger towards closing while lingers toward closing while waiting for the buyers’ home to sell. On the contrary, the buyer becomes much more stimulated to sell and may be willing to put down the price at once in order draw out a quick sale.
The utmost contingency present in contracts today is the home inspection, which may seem to be daunting. But instead of fearing this contingency, the shrewd seller will carry on his or her own home inspection and fix the problems before the buyer finds something later. Make sure everything in the house work properly, without clutter and unpleasant smell so that it would be pleasing to the buyers.
For those who love to do everything by themselves, make sure you have the permits or the necessary professional inspections to show that you did the work right. Some sellers redo the plumbing or electrical work. In other words, the Miami real estate seller who prognosticates the challenges from a buyer will certainly have a competitive advantage. Never wait till you discover that the house you are selling has termites. Check for these as well as uncovering defects, no matter how minor, before these create a surprise to potential buyers who come over and check the conditions of the house you are selling. The practical advice is to be amenable to accepting contingencies, and to be willing to negotiate to make it work for you as well.
Earl Juanico - http://miami-realestate.net