Need to sell your house fast in Florida? The inspection contingency may result in unwarranted delay. Working with a professional cash home buyer solves the problem.
Imagine sprinting to the finish of a marathon, only to be forced back to the starting line. Home sales are just like that, and the biggest culprit is the “inspection contingency.” If it’s not immediately clear how an inspection contingency halts a home sale, read on!
We Buy Houses
Call Us (954) 676-1846 Send Text or Fill Out This Form For Your FAIR Offer.
How The Inspection Contingency “Halts” Home Sales
A “contingency” in a real estate contract is a condition that must be fulfilled before the sale completes. The “inspection contingency” allows the buyer a period of time (usually 15 days) to inspect the property. During the inspection, the buyer (often with a home inspector) walks through the house examining the condition, including electrical, plumbing, structure, finishings, cooling, roof. The buyer requests permits for renovations. The inspection contingency by design protects the buyer by giving the right to cancel and take back their deposit.
For example, the Florida Bar Approved Contract inspection contingency states: “If the Buyer determines, in Buyer’s sole discretion, that the Property is not acceptable to Buyer, Buyer may terminate this Contract . . . If the Buyer timely terminates this Contract, the Deposit shall be returned to Buyer.” Buyers can cancel for any reason.
Here’s what happens: you accept an offer and the buyer completes inspection in two weeks. Inevitably, the buyer comes back with a laundry list of complaints for you to fix and threatens to cancel if you don’t fix everything or lower price. The buyer has nothing to lose: the inspection contingency allows them to cancel and get their deposit back. Regular home buyers not accustomed to buying property “as-is” often back out after observing property defects.
Additionally, banks don’t give mortgages on houses in poor condition. The Federal Housing Administration won’t issue a mortgage unless the home “protects the health and safety of the occupants” and does not have any “physical deficiencies or conditions affecting structural integrity.” For VA mortgages, the Minimum Property Requirements demand “the home is safe, sanitary, and structurally sound.” If it’s a fixer-upper, mortgages won’t be issued.
As the seller, you are stuck: make less money or start all over. You keep paying taxes, insurance, utilities, wear and tear. Luckily, there is a solution.
How Cash Buyers Solve the Problem
Professional cash home buyers in Florida specialize in buying property “as-is”. This means that you (the seller) makes no repairs prior to closing. Indeed, cash buyers normal strategy is to buy property in poor condition, put time/money into fixing it, then flipping for profit. Since a professional home buyer is planning to make repairs, they are less likely be “scared away” by property defects.
Need to sell your Florida house? We buy houses for cash anywhere in Florida. Give us a call (954) 676-1846 or fill out this easy form. Want us to waive or shorten inspection? No problem. We will do one walk-through, make our repair estimates, and let you know our final number.
Additionally, cash is key. If it is revealed during the inspection that the house is in bad condition – no problem for a cash buyer. The buyer controls the funds – that’s the only opinion that matters. Buyers using mortgage financing would be forced to cancel since the lender, not the buyer, has the discretion to cancel.
We Buy Houses
Call Us (954) 676-1846 Send Text or Fill Out This Form For Your FAIR Offer.
