How can you teach first-time buyers about contingencies and deadlines in the contract?

3 How to teach first-time buyers about contingencies and deadlines?

To teach your first-time buyers about contingencies and deadlines, you need to educate them on the purpose, process, and consequences of each contingency and deadline. You can use examples, scenarios, and checklists to illustrate the benefits and risks of different options. You can also provide them with a timeline of the contract milestones and remind them of their responsibilities and deadlines. You should also communicate with them regularly and update them on the status of each contingency and any issues that arise.

4 How to handle inspections and appraisals?

Inspections and appraisals are two of the most common contingencies in a real estate contract. They are both performed by licensed professionals who evaluate the condition and value of the property. Inspections usually cover the structural, mechanical, electrical, plumbing, and safety aspects of the property, while appraisals compare the property to similar properties that have sold recently in the area. Both inspections and appraisals can reveal problems that may affect the buyer's decision or the seller's acceptance of the offer.

To handle inspections and appraisals, you need to prepare your first-time buyers for what to expect, what to do, and what not to do. You should advise them to attend the inspections, ask questions, and review the reports carefully. You should also help them prioritize the issues that need to be addressed and negotiate with the seller for repairs or credits. You should explain to them how appraisals work, why they are important, and what to do if the appraisal comes in low. You should also monitor the deadlines and contingencies and make sure they are met or extended as needed.

5 How to avoid contingencies and deadlines pitfalls?

Navigating contingencies and deadlines can be tricky and stressful for first-time buyers, especially if they are not familiar with contract terms and market conditions. To help them succeed, you should guide them through the process and ensure they avoid common mistakes such as making too many or too few contingencies, missing or ignoring deadlines, waiving contingencies without due diligence, and being unreasonable or inflexible. Your guidance can help your buyers make informed decisions, protect their interests, and achieve their homeownership goals.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?