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Updated over 6 years ago on . Most recent reply

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Matthew Netwon Marquess
  • San Jose CA
2
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How to Write an Offer with Contingency for Idaho?

Matthew Netwon Marquess
  • San Jose CA
Posted

I'm wondering how do you write an offer with contingencies' for an investment property?  I'm looking at multifamily properties in Boise, Idaho and my Real Estate Broker said that I need to make an offer in order to see one of the properties.  I tried to find a template to follow but struck out.  

Also, what exactly would I put in the contingency to make sure I get out of the deal if when I walk through the property I don't like it?

Thanks!

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Don Spafford
  • Investor
  • Idaho Falls, ID
624
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Don Spafford
  • Investor
  • Idaho Falls, ID
Replied

@Matthew Netwon Marquess It's pretty easy to get out of it if you are not satisfied with the inspection or your walk through. You would just need to say something like purchase contingent upon satisfactory buyer tour of property. The inspection contingency would be a separate line anyway in your purchase agreement. But if you don't like it after a walk through then there is no need to spend for the inspection. Then if you are not satisfied and back out, you would get back your earnest money. That is already included in the standard Idaho P&S agreement. It is pretty common for sellers to want an accepted offer first to not bother the tenants with dozens of showings so that they only get serious buyers. Kind of annoying as a buyer, but understandable. You can always adjust your offer after the walk through and/or inspection.

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