Selling your house in the North East? You should be aware that when selling a property, the transaction is not legally binding until contracts have been exchanged. Until this point, any offer made is ‘subject to contract’, and this is where contingencies come into effect.
Here, we’ll explore what you need to know about contingencies before selling your house in the North East.
Surveys
Most buyers will have a survey carried out on a property before they commit to the purchase. In fact, if they’re buying with a mortgage then it’s likely to be a condition by their lender just to receive the money in the first place.
This is where a contingency comes in. When the buyer makes their offer, they’re doing so on a sold-as-seen-basis. If a surveyor takes a closer look at the property and spots major issues, then it’s likely the buyer will either pull out of the deal completely or renegotiate their initial offer to a much lower one.
Searches
Another contingency that you’ll have on a property in the County Durham, Darlington, Newcastle, Gateshead, Sunderland, Northumberland, Middlesbrough, Hartlepool or Stockton-on-Tees area is the buyer’s searches.
Again, their initial offer is likely to be based on the property having no issues or concerns to be aware of. However, when their solicitor conducts searches, it may lead to them coming back to the negotiating table or withdrawing their offer altogether. For example, a local area search could show that a new train line is being built on the doorstep or the property’s built on flood land.
Financing
Unless the buyer has made a cash offer on your the North East property, they’re almost certainly funding the purchase via a mortgage. Obtaining a mortgage can be a lengthy process, and even if your buyer’s had one approved in principle, they might not get approved for the actual mortgage when the time comes.
While this is going on, there’s a chance that other potential buyers will come and go, and you might even miss out on your next property.
We Buy Homes North East
If you want to avoid the potential headache of contingencies, We Buy Homes North East makes selling your house in the North East easy with a direct cash sale. We’ll buy your property in any condition, and we can complete on a date to suit you. Contact We Buy Homes North East on 0191 369 2088 today to find out more.