Caution and Paranoia in Costa Mesa Homebuying Offers
Usually, paranoia is a mental disorder—a subject more suitable for psychiatrists than for Realtors®. But that depends on its being entirely divorced from reality. When the subject is your offer to buy one of Costa Mesa’s listed properties, it may well be that a slight touch of paranoia can be useful—at least when it comes to defining contingencies.
Back last October, Realtor.com had an excellent commentary about realism and contingencies. It listed five of them “you should never waive.” “Never” is a strong word—especially in a season when competing offers abound. But the reasons for including basic contingencies in your offer are anything but paranoid. These are Realtor’s Big Five:
First is the inspection contingency. Unless you are an experienced inspector yourself (and you have been given access to the nooks and crannies of the subject property), you really risk too much by giving up your right to hire a neutral inspector to tell you what’s likely to require maintenance now and in the future.
Second is the financing contingency. If you can’t find financiers who agree to give you a mortgage on the property, you could be unable to pay for your purchase—and lose your good faith deposit as a result. So you can waive this one, but only if you’re willing to risk the loss of the deposit money.
Third comes the appraisal contingency. You don’t have to be paranoid (or even unusually pessimistic) to take this one seriously because lately, it isn’t terribly unusual for an appraiser to calculate a home’s value that is less than the amount of the offer. Since you might have to come up with the amount of a shortfall, including this contingency can be a financial necessity.
Fourth is a mold provision. If mold is discovered during the inspection, an expert should be brought in to estimate the cost of remediation. Passing up this contingency can have health repercussions that any good homebuying paranoic could explain in detail.
Last is a well water/septic contingency if either applies to the Costa Mesa property in question. This detail may not be top of mind for buyers who have never dealt with either, but it’s one that may deserve to be front-and-center if issues are discovered during an inspection.
If we’ve been recruited to help with your search for a new home, we’ll discuss the relevant contingencies as we formulate your offer. And you can be sure that throughout the homebuying process, we’ll lend a cheerful and appropriate degree of paranoia (AKA ‘caution’)—enough for both of us!
We are built on a philosophy of Heritage & Hustle. The L3 is a full service real estate agency with a regional office located in the heart of #CostaMesa, offering a wide-array of custom services to meet their clients’ needs with roots in the community since 1976. It’s L3 mission is to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. The L3 was originally formed to offer personal, concierge-level service as an alternative to the large, nationally based real estate companies. From its small beginnings of only two employees, The L3 has grown to a full staff of 25 serving over 300 clients a year. The L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has The L3 donated hundreds of hours to many area charities, they have also received the prestige of being named one of the #toprealestatecompaniesinCostaMesa If you’re interested in #buyingorsellinginOrangeCounty, turn to the experts. Turn to The L3 and let them help you make your real estate buying or selling dreams come true. For more information or to get started on finding or selling your home contact The L3 today at 714-444-4663 or email us at info@thel3.com
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