Title Contingency

/

Contingency is a clause buyers include when making an offer on a home that allows them to back out of the deal without losing their deposit if the conditions of the clause aren’t met. So what is a title contingency, and should you include one in your offer?

CHIC (Pearl)

Title contingency protects a buyer against fraud by ensuring the seller is legally authorized to list the property. Imagine going through the whole purchasing process, including negotiation, offers, bidding wars, loan agreements, inspections, and more, only to find out the property isn’t available after all. Sounds like a good idea to me!

GEEK (Kevin)

Title contingency may sound great, but it’s actually redundant in California. That’s because when you buy a home here, either the seller or buyer are required to get title insurance, which clears any clouds around the ownership question. Typically a title check is also performed during escrow, so there are multiple protections for buyers.

Market Snapshot: Santa Clara County

/

January sales numbers are in, and it looked a lot like December – slow. But it’s typical for sales to cool off during the cold winter months. You can expect things to pick up in March, even with inventory and prices in a continued state of flux. Some things in the housing market never change!

Are you asking the right questions?

/

There’s no such thing as a stupid question, especially when it comes to selling your home. But it’s hard for a seller to know the right questions to ask if they’ve never done this before. That’s why it’s important to pick an agent who knows the answers. 

CHIC (Pearl)

Beyond the basics of price and commission, it’s important to ask an agent about their marketing strategy. How can they ensure your property gets maximum exposure in a crowded market? Related to this is timing. Is now the best time to put your property on the market? If so, why? If not, why not, and what would be a better time? And there’s nothing wrong with asking an agent directly why they are the best person for the job. If they can’t answer that question, it’s a big red flag!

GEEK (Kevin)

As a numbers guy, it’s important for me to know about valuation and pricing. How will the agent get you top dollar without scaring off potential buyers? How do they plan to handle a bidding war? Can they guarantee none of the buyers will walk away before you get the offer you want? And what will the agent do to mitigate your risk by avoiding contingencies in the contract? A successful sale requires attention to detail, and your agent should reflect that.