1st Purchase Agreement Contingencies?

[Joe E.]

Hi BP fans! I am starting my REI adventure with my first potential investment property, and would love some insight on piece of it.

In so far as contingencies, seems there are a couple included though here's where I am not certain what should be explicitly included.

Under the "inspection" section, it includes that I have 7 days from purchase contract to have a 3rd party inspection completed, and an additional 5 days to respond. The property is a 2-3 weeks before completion.

I also asked if the purchase transaction is contingent on completion of an inspection and any related remediation it required. Though it seems not explicitly referenced, the owner of the LLC via email stated that contracts are contingent upon satisfactory inspection response.

Insight and feedback base on experience would be greatly appreciated!

[Joe Homs]

@Joe E.  There are a few inspections and contingencies that I like to see in the contract. You have already named one, but here are others.

1.  Inspection

2.  Appraisal

3.  Loan

4. HOA

5.  Title

All of these should be resolved before you remove all the contingencies and put your deposit at risk.

Good Investing...