Las Vegas Real Estate, Investing In Properties in Las Vegas, Nevada, Las Vegas Realtor, Realtors in Las Vegas, Brokers in Las Vegas, Nevada
Make Offers With Peace of Mind
This Real Estate Offer Is Contingent
Contingency Clauses Make for Risk-Free Real Estate Investing In Las Vegas
We just found what might be a great deal on a piece of Las Vegas real estate. The property is being sold for a below market price and it has lots of potential. How can you put it under contract--without financial risk to yourself--in order to analyze it further?
The answer is simple. Use a contingency clause.
When writing offers to purchase real estate in Las Vegas, it is essential to include language in contracts that protects you and gives you greater control. This is true whether you are dealing with:
- Properties marketed through the MLS, or
- Properties that have been repossessed by financial institutions.
Every buyer’s contract should contain at least one contingency clause.
But what exactly IS a contingency clause?
It’s simple: A contingency clause is language that let’s you get out of a real estate contract--if everything is not what it initially seemed to be--without losing a penny.
Four Savvy Clauses
There are literally hundreds of contingency clauses you can use as a buyer. But you don’t need hundreds in your contract--you only need one to get you “off the hook” if you decide not to go through with a deal. Here are four popular and powerful contingency clauses:
- This offer is contingent upon buyer receiving favorable financing.
- This offer is contingent upon buyer’s inspection and approval of property.
- This offer is contingent upon buyer’s partner’s inspection and approval.
- This offer is contingent upon certified appraisal.
Canceling a Transaction Is Your Right
Some people refer to contingencies as “escape” clauses or “weasel” clauses as if it were somehow wrong to cancel a transaction. But remember, a real estate contract gives you--the Buyer--the specific right to do additional research to make certain that you want to conclude the transaction. And the Seller agrees to give you this right when you use a contingency clause.
What if you inspect the house and say, “This is not what I thought it was. I don’t want it.” Can you get out of the contract? Yes. Do you have to close now? No. Assuming you put down earnest or escrow money, can you get it back? Of course. So what is your risk? None!
Make An Offer With Peace Of Mind
Obviously, you shouldn’t go around writing contracts on properties in Las Vegas you have no intention of closing on. Discretion and integrity are important, no doubt. But it does mean that when we use a contract that contains a contingency clause, you can relax and make the best decision for you--with no financial risk.
Feel free to contact me for a complimentary telephone consultation to discuss risk-free real estate investing in Las Vegas while real estate prices are at historic record lows!
Oh, by the way, if you have any friends or family who are thinking of making a move and would benefit from our service, I would love to talk to them. Just give me a call with their name and number and I would be happy to follow up and take excellent care of them.
Linda Strasberg, All Rights Reserved