What are contract contingencies?
Buying a home can be an exciting, but also stressful, experience. One aspect of the process that can help alleviate some of that stress is the use of contract contingencies. In this post, we’ll explore what contract contingencies are and why they are important when buying a home. Contract contingencies are conditions that must be met in order for a real estate transaction to move forward. These conditions can be added to the purchase contract by either the buyer or the seller. Some common contingencies include: Inspection Contingency: This contingency allows the buyer to have the property inspected by a licensed inspector to identify any issues that may need to be addressed before the sale is finalized. Financing Contingency: This contingency allows the buyer to back out of the sale if they are unable to secure financing for the purchase. In our Arizona Association of Realtors® forms this contingency does not allow for buyer’s to cancel the contract without forfeiting earnest money, based on interest rates or inability to secure down payment funds. Appraisal Contingency: This contingency allows the buyer to back out of the sale if the property appraisal comes in below the agreed-upon purchase price. The appraisal contingency is automatic in our AAR contract if the home is to be financed. If purchasing the home with cash the buyer needs to add an addendum asking for an “All Cash Appraisal Contingency”. The Sellers can ask for appraisal contingencies to be waived by a buyer. Title contingency: This contingency allows the buyer to back out of the sale if there are any issues with the title to the property, such as liens or other encumbrances. Buyer contingency: This contingency allows the buyer time to sell a home if it’s required to make a subsequent purchase. If the buyer is unable to sell their home within the allotted timeframe they can back out and recover their earnest money. However, there is one caveat to this contingency, another buyer can make an offer without a Buyer contingency and bump the original buyer from the transaction if the original buyer cannot remove or waive their contingency in 3 days or whatever timeframe was agreed upon in the contract. Contract contingencies are important because they provide a level of protection for both the buyer and the seller. For the buyer, contingencies ensure that they are not stuck with a property that has significant issues or that they cannot afford. For the seller, contingencies provide a measure of certainty that the sale will go through as long as the conditions are met. The Stidham Team can help you navigate the process of buying or selling a home. We understand the various contingencies available and know how to leverage them to make your transaction a success! Call us today to schedule find out how we can help you! Sources: “Contingency Clauses in Home Purchase Contracts.” Nolo, 15 Oct. 2021, https://www.nolo.com/legal-encyclopedia/contingency-clauses-home-purchase-contracts.html.“Contingencies in a Real Estate Contract.” Investopedia, 28 Aug. 2020, https://www.investopedia.com/terms/c/contingency-clause.asp.“Understanding Home Purchase Contingencies.” Rocket Mortgage, 11 Jan. 2022, https://www.rocketmortgage.com/learn/home-purchase-contingencies.
Discovering the Mojave: A Guide to Relocating to Bullhead City, Arizona
If you’re considering relocating to a unique and stunning landscape, look no further than the Mojave Desert near Bullhead City, Arizona. This desert region is full of natural wonders and outdoor adventures. Here’s what you need to know before making the move. Bullhead City Sunset Climate and Geography The Mojave Desert is known for its arid climate and stunning geography. The area is characterized by its expansive sandy plains, towering mountain ranges, and unique desert vegetation, including the iconic saguaro cactus. Bullhead City has a hot desert climate with long, extremely hot summers and mild winters. The city is located in the Mojave Desert, which is known for its arid climate, low humidity, and clear skies. During the summer months, temperatures can soar above 110 degrees Fahrenheit, and heatwaves are common. In contrast, winters are mild, with average temperatures ranging from the mid-60s to low 70s. The area receives very little rainfall, with the majority of precipitation occurring during the winter months. Due to the extreme heat in the summer, it is important to stay hydrated and take precautions when spending time outdoors. However, we even see snow in the surrounding mountains occasionally. Be sure to pack accordingly and stay hydrated! Snow on the Black Mountains near Oatman Arizona Housing and Cost of Living The housing market in Bullhead City has been fairly stable in recent years, with a steady increase in home values. The median home price in Bullhead City is around $230,000, which is slightly lower than the median home price in Arizona. The city offers a range of housing options, including single-family homes, townhouses, and apartments. Rental properties are also available, with the average monthly rent for a two-bedroom apartment ranging from $800 to $1,200. The real estate market in Bullhead City has become increasingly competitive in recent years, with a high demand for homes and low inventory driving up prices. As a result, it can be challenging to find a home in Bullhead City, particularly in popular neighborhoods or areas near the river. However, with the help of a knowledgeable real estate agent and some patience, it is possible to find a home that fits your needs and budget. Overall, the housing market in Bullhead City is attractive for its relatively affordable prices compared to other parts of Arizona and its scenic location in the Mojave Desert. The cost of living is relatively affordable, with a cost of living index of 91.5 compared to the national average of 100. Additionally, Arizona has no estate tax or inheritance tax, which can be an added benefit for those planning their financial future. Riverview from Bullhead City Outdoor Adventures One of the biggest draws of the Mojave Desert is its outdoor adventure opportunities. Whether you’re an avid hiker, rock climber, or off-road enthusiast, there’s something for everyone. Nearby hiking trails include the Black Mountains and Hualapai Mountains, both of which offer stunning views of the desert landscape. If you’re looking for a more leisurely activity, consider exploring Lake Mohave, which offers boating, fishing, and swimming. Black Mountains near Silver Creek Bullhead City Parks and Recreation Bullhead City has a variety of parks that offer recreational activities for people of all ages. Rotary Park, located on the Colorado River, is a popular spot for picnicking, fishing, and boating. The park also features a walking path, playground, and beach area for swimming. Ken Fovargue Park offers baseball fields, basketball courts, and a skate park, while Desert Foothills Park boasts tennis courts, a dog park, and a disc golf course. Whether you’re looking for a peaceful picnic spot or a place to play sports with friends, Bullhead City’s parks have you covered. Rotary Park In addition to Bullhead City, the nearby towns of Kingman, Lake Havasu City, and Laughlin, Nevada offer additional attractions and amenities. Kingman is known for its historic Route 66, while Lake Havasu City boasts a famous London Bridge and a thriving tourist industry. Laughlin, located just across the river in Nevada, offers casinos, shopping, and entertainment. Sunset over Laughlin Nevada If you’re considering relocating to the Mojave Desert near Bullhead City, be sure to research the area thoroughly and connect with local resources. The Bullhead City Chamber of Commerce is a great place to start, with resources for newcomers and information on local businesses and organizations. Sources: “Bullhead City Chamber of Commerce.” Bullhead City Chamber of Commerce, www.bullheadchamber.com/.“Living in Bullhead City, Arizona.” Niche, www.niche.com/places-to-live/bullhead-city-mohave-az/.“Outdoor Recreation.” Visit Arizona, www.visitarizona.com/places/deserts/mojave-desert/outdoor-recreation/.“Arts & Culture.” Visit Arizona, www.visitarizona.com/places/deserts/mojave-desert/arts-culture/.Rotary Park: https://www.bullheadcity.com/departments/parks-recreation/parks/rotary-parkKen Fovargue Park: https://www.bullheadcity.com/departments/parks-recreation/parks/ken-fovargue-parkDesert Foothills Park: https://www.bullheadcity.com/departments/parks-recreation/parks/desert-foothills-parkLake Mohave: https://www.nps.gov/lake/learn/index.htmLake Mohave Marina: https://www.lakemohavemarina.com/Lake Mohave Resort: https://lakemohaveresort.com/City-Data.com: http://www.city-data.com/city/Bullhead-City-Arizona.html
3 Reasons Pocket Listings Don’t Work
You list your home and with an agent and before they have to take photos or list it on the MLS they have a buyer! That’s great news, right? Well sure, if all you care about is a quick sale and the market is slow. However, it may not be the best offer. When you accept the very first offer with your listing agent they often owe a fiduciary duty to not only you but to their buyer as well. That can be a tricky situation. Your agent can no longer advise one party more than the other. They can no longer pick sides. The agent suddenly becomes more of a mediator and paper pusher. Second, you are not marketing your property to the masses that are lined up waiting for a home like yours. The Market in Bullhead City and Fort Mohave is in an inventory emergency. Buyers are searching for homes that are simply not available. When we list properties we have a plan. The plan is to create a frenzy and ensure that people line up outside to see your home. The final reason why you shouldn’t accept an offer prior to actually placing your home on the market is you may not be receiving the best offer. When we list a home we want to give you the opportunity for the best representation, the best marketing, and the chance to receive the best offer. In a seller’s market you have the ability to make the rules. Like when you list it and when you review all offers. We like to list on a Thursday and review offers on Monday. When buyer’s know there may be other offer’s they are more likely to make larger offers and better terms. This means as a seller you may receive an over asking offer or terms that fit your needs better. In conclusion, sometimes a marketing plan and a little patience can go a long way to help you achieve a much better result when selling your home. Most agents have a long list of buyers they are working with but that doesn’t mean they have the particular buyer that is willing to pay 10% over the asking price, cash, with a quick close! Maybe, another agent on the MLS has this and you’ll never know if you take the first offer from your agent as a pocket listing.
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