The Rise in Real Estate Contingencies

Realtors say contingencies are more common than ever; and even though sellers seem to be in the driver’s seat right now, recent increases in interest rates have put buyers in a strong enough position to make their own demands. “Everyone has become a lot more discriminating,” sums up real estate economist Ellen Haberle of Redfin. University of Kentucky College of Law professor Stephen Clowney says sellers are more adamant about what stays and goes these days because their identities are tied to their houses — especially if they chose the finishings, materials, and fixtures themselves. Experts cite deals in which the seller would not include any shrubs and plantings and carted them away after the sale, and even more usual transactions in which the sellers insisted that their three llamas be included in the sale. Agents say pool tables, swing sets, and hot tubs often cause battles; and some have been forced to pay out of their own pockets to replace items that sellers removed against the buyers’ wishes or have certain items removed from the property to prevent buyers from walking away. | Read More