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Really depends. In the Bay Area these days, sellers will usually only take offers with zero contingencies (because they can). Even if you do get a financing con
by URSpider94 10y ago
Really depends. In the Bay Area these days, sellers will usually only take offers with zero contingencies (because they can). Even if you do get a financing contingency in your offer and the deal falls through because of a low appraisal, there's almost always a back-up offer waiting in the wings that can cover the low appraisal with an additional downpayment (the bank doesn't really care about if the house appraises for the selling price, they just want to make sure that their Loan-to-value (LTV) ratio is OK.
- smsm42 10y agoThat's really playing with fire. Good RE agent would tell their client so. Even if you're rich and buying in cash, at least inspection contingency is a must, but otherwise unless you have tons of money and don't really care for nasty surprises inspection could uncover - zero contingency is the riskiest bet one can make in one's life. My opinion, if you're on the market where sellers won't accept a contingent offer, it's better to get out of that market. I've bought house in BA recently, and there were plenty of sellers willing to take contingent offers (backed by some solid bank paperwork, maybe, but not just requiring to commit blindly). Of course, BA has many different places and in some market could be so hot sellers can get away with anything. But it's usually not good to get in such place as a buyer.
- deleted 10y ago[deleted]
- URSpider94 10y agoUsually, the seller provides an inspection report performed in advance. It's a big leap (I did this a year ago ...) and my Realtor is as old-school as they come, but if you want a single-family property in a hot area, it seems to be table stakes.