Many of today's purchase offers include a contingency clause that allows the buyers to hire a home inspector or professional expert to inspect the property. If there is a significant defect in the property, the buyer can cancel the contract without losing the earnest money deposit. Contingencies are excellent procedures that protects both the buyer and the seller.

The time period for inspection contingencies is negotiable. In most parts of the country, the buyers have about a week in which to cancel the contract if the structural inspection reveals a serious and consequential defect. The positive side to such contingencies is that the inspection usually addresses--and overcomes--the buyers' misgivings, and confirms their decision to move ahead with the purchase.

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Wes Wagner
William E. Wood and Associate Realtors
1030 Loftis Blvd, Ste 200
Newport News, VA 23606
757-508-7141
Fax: 757-596-9811
weswagner@NUMBER1EXPERT.com

Wes Wagner is an Associate Broker and an Award Winning Realtor who is a member of the area's Outstanding Salesmanship Club and has been for the last 25 years, consistently ranking in the top 5% for all residential sales agents in the Virginia Peninsula Association of Realtors®. Wes sold and closed nearly $6 million in real estate business in 2008. Let his knowledge and experience work for you. Take the 1st step and contact him today! Licensed in Virginia.

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