It has been a Seller’s market in Sun Valley, Idaho since Summer 2020. Low inventory and Buyer demand has created fierce competition among Buyers. Which begs the question: Should I waive my contingencies when buying a Sun Valley Idaho home?
Make Your Offer More Competitive
Waiving your contingencies will almost certainly make your offer more competitive. However, there are risks associated that you should discuss with your real estate agent.
Waive Your Finance Contingency
If you require financing for your purchase, waiving contingencies can make your offer competitive against all cash offers. There are risks associated with waiving contingencies when buying a Sun Valley Idaho home. If you are considering waiving your finance contingency, you need to have a frank conversation with your lender.
Are You Prepared To Lose Your Earnest Money?
If your financing falls through before closing, you will be on the hook for your earnest money deposit. How secure are you with your loan?
Will The Property Appraise At Purchase Price?
If the property appraises below the purchase price the Buyer will have to make up the difference with cash. Do you have extra cash on hand to seal the deal?
Waive Your Inspection Contingency
Buyers may choose to waive their inspection contingencies. This is a bit less risky for condominium purchases as all exterior features of the residence are covered by the HOA.
You Can Still Have An Inspection
As a Buyer you can order an inspection to gain a better understanding of your property. If you choose not to move forward after the inspection you, the Buyer, would forfeit your earnest money.
More and more Buyers today seem to be deciding that waiving contingencies is worth the risks in order to secure the property they want for a Sun Valley Idaho home.
Call us today to set up your first appointment in the Sun Valley area: (208) 721-4131
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