Tuesday, September 27, 2011
How do contingency periods work when I'm buying or selling a house in the Sacramento area?
Doug Reynolds, a Sacramento Area Realtor, discusses the ins and outs of the contingency period when you are buying or selling a home. The three most important are: Inspection, Appraisal, and Loan. The standard time period in California is 17 days but that time period is negotiable. Most bank owned/foreclosure sales only allow 5 to 10 days for the buyers contingency period. It’s very important to have a thorough inspection performed right away. And it’s also important to have a very good loan officer that can perform the appraisal and get the loan approved within that time period. Sellers – you want to make sure you agent is keeping an eye on the time period and making sure they are staying in touch with the buyer’s agent and lender.
(sorry for the quiet and weird sound issue, working on not having that be an issue in future videos)