When searching for Central Ohio homes online, you may find listings marked “Contingent – Finance and Inspection” or “Contingent Escape” or “Contingent Lien-holder Release.” While these terms mean there is an accepted offer, the deal isn’t done until closing. It can be worth giving these homes a look. Here’s why!
“Contingent – Finance and Inspection” means that the purchase is subject to a satisfactory home inspection, and/or buyer financing loan approval, or other detail. If the contingencies are not satisfied, released or waived, the seller may have to start over with another buyer.
“Contingent Escape” means the seller has an accepted an offer that is contingent upon that buyer selling THEIR home first. “Contingent Escape” means the seller can “bump” the current deal aside if they get a similar or better offer without a “home to sell contingency.”
In the above examples, making a back-up offer could put you “next in line” for the home if the first deal falls through.
There are downsides to making a back-up offer. Namely, there is no guarantee of any success, and you are sidelining yourself from the market while things play out.
Because we have broker-level access to the Columbus Regional Multiple Listing Service, we can comb through agent listing notes and seek opportunities for back-up offers. And because we are completely loyal to our Buyer-Clients, any information we discover that is material to your best interests is shared with you!
As your Exclusive Buyer’s Broker, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.
Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!
Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!
Exclusive Buyer’s Broker, CEBA-M, MCNE, CSP, PSA,e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services www.BuyersHome.com
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax