Arizona contracts are very sensitive towards buyers because they have three contingencies that would allow them not to proceed with the contract. Today we’ll talk briefly about these contingencies.
The inspection contingency is important, and I would recommend an inspection every time that you buy or sell a home. In Arizona, sellers will provide you with a seller’s disclosure statement, but that is just the seller’s opinion of the home.
The appraisal contingency is another major one. This is not required if you’re paying cash, but the bank will always want to run an appraisal to ensure that they’re not lending you too much money. This is kind of a safety net to ensure that you don’t overpay for a home.
The loan contingency is important because it protects buyers in the case that they are not able to proceed with a loan. If a buyer loses a job, suffers from a medical attack, or any other cataclysmic event occurs, the buyer is protected.
These are three ways that buyers are protected when they purchase a home in Arizona. If you need to buy in 2016, please don’t hesitate to contact me. This is a great year to purchase because interest rates are only getting higher.