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Many home buyers made a HUGE mistake in 2022. They were battling in bidding wars for every single house, constantly upping their offers, removing their contingencies, and giving sellers EVERYTHING they wanted just to land a property. Only a year later, home buying has slowed down (a bit), and sellers are more open to negotiation when making a deal. Those rushed 2022 home buyers now sit in overpriced homes with problems an inspection WOULD have highlighted if only they had added the contingency to get one done.

DO NOT repeat the same mistakes as the 2022 buyers—add a contingency to EVERY property you’re going to buy. Whether it’s a contingency for an appraisal, an inspection, a home sale, or something else, be sure you’re not ending up with a multiple hundred-thousand-dollar ball and chain that you can’t get out of once the deal is done. Which contingencies should you add to your contract? Mindy Jensen, agent and host of the “BiggerPockets Money Podcast,” is here to help!

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Catch Mindy on The "BiggerPockets Money Podcast":
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Real Estate Contingencies: What They Mean, Rules, And How To Use Them:
https://www.biggerpockets.com/blog/2010-03-31-contract-contingencies-and-4-rules-for-using-them?utm_source=youtube&utm_medium=description&utm_campaign=none
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What is a Real Estate Purchase Agreement?
https://www.biggerpockets.com/blog/understanding-real-estate-purchase-agreements?utm_source=youtube&utm_medium=description&utm_campaign=none
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5 Reasons To Wait To Negotiate Until After the Home Inspection:
https://www.biggerpockets.com/blog/negotiate-after-home-inspection?utm_source=youtube&utm_medium=description&utm_campaign=none
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Connect with Mindy on BiggerPockets:
Mindy: https://www.biggerpockets.com/users/mindyjensen?utm_source=youtube&utm_medium=description&utm_campaign=none
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Follow Mindy and BiggerPockets on Instagram:
Mindy: @mindyatbp or https://www.instagram.com/mindyatbp/
BiggerPockets: @biggerpockets or https://www.instagram.com/biggerpockets/

00:00 Contingencies Are Back!
01:33 Most Common Contingencies
02:40 Buyers Made BIG Mistakes
04:52 WHEN to Ask for Contingencies