When making a purchase offer for a home, the seller will expect you to complete the purchase. You should not assume you can back out of the purchase agreement because your financial situation changed, you found a home you like more, or even you changed your mind about how important a disclosed problem is.
Common purchase offer contingencies are:
- Mortgage contingency
- Appraisal contingency
- Home inspection contingency
- Title contingency
- Common Interest Disclosure contingency
- Home Sale contingency
In Silicon Valley, a home seller will most often have inspections performed and provide inspection reports to potential buyers. There may be issues disclosed in the reports that are unclear or need further inspection to evaluate the risk. Simply adding a contingency for every possible issue will probably not be acceptable to almost any home seller. Every home sale is different. You should carefully discuss your situation and the home with your real estate agent. Your agent may ask you to consider a contingency not listed above. Read more about real estate contingencies in Silicon Valley.
