offer contingencies

[Alex Flowers]

I need some education on on the science of making an offer on a house before having a chance to have a contractor give me an hard estimate. I know in a perfect world I will have time to schedule an appointment with my contractor and have a rehab number before submitting an offer, but I know this is not always the case. Sometimes time is critical. How do you structure an offer without the estimate? Surely it's not a complete crap shoot. I just worry about making an offer, then finding that all the wiring needs replacing, or some other major project that my virgin eyes don't see. Thanks for any help.

[Brie Schmidt]

@Alex Flowers I am not in AL but I googled your state RE contract and there is a section on page 5 specifically for inspections contingencies. You can write in any number of days necessary to complete your inspection. Below is the verbiage.

(B) SALE OF PROPERTY CONTINGENT UPON HOME INSPECTION: (This paragraph does not apply to inspections under paragraphs 13 and 14 below.) Buyer requires additional inspection of the Property at Buyer's expense. Within ______ days (7 days if left blank) of the Finalized Date, Buyer shall either personally or through others of Buyer's choosing, inspect or investigate the Property. (1) If such inspections reveal conditions that are unsatisfactory to Buyer, Buyer, at Buyer’s sole discretion, may either (a) terminate this Contract or (b) request that Seller correct the unsatisfactory conditions. Buyer shall exercise either option by written notice delivered to Seller within _____ days (3

days if left blank) after the physical inspection of the Property.

(2) If Buyer requests Seller to correct the specified unsatisfactory conditions, Seller shall respond to Buyer by written notice within _____ days (5 days if left blank) of receipt of such request as to whether Seller is willing to correct the unsatisfactory conditions.

(3) If Seller elects not to correct the unsatisfactory conditions, Buyer shall respond to Seller by written notice delivered to Seller within _____ days (3 days if left blank) of receipt of Seller's refusal to correct such conditions and advise Seller of its election of either (a) to terminate this Contract and recover

the Earnest Money pursuant to Paragraph 3 above, or (b) to waive in writing the request for correction of the conditions and proceed to close the sale.

(4) It shall conclusively be deemed acceptance of the Property, including ordinary wear and tear until the closing, if Buyer fails to notify Seller in writing within the allotted times stated above of any unsatisfactory condition revealed by the inspections, or fails to notify Seller in writing of Buyer's election to

terminate this Contract as herein provided. Further, it shall conclusively be deemed acceptance of Buyer’s request to correct the specified unsatisfactory condition(s) if Seller fails to respond in writing within the time frame stated in subparagraph (2) above.