Not all terms for home inspections are the same

Although home inspections are less common in New York City than elsewhere, they are essential in certain cases.

Sparing the expense of several hundred dollars, a buyer is particularly unwise to be pound foolish in the purchase of new apartment or single-family house, whether old or new.  Inspections are especially useful for with respect to apartments in small buildings, on top floors and on ground floors.

(The BrickUnderground Web site recently provided a helpful home inspection checklist.)

An important question facing prospective purchasers is how to achieve the inspection with maximum protection and minimum chance to have sellers reject their offers.

Because the time between making an offer and signing a binding contract easily can last one or two weeks here in New York, one approach

In tight market, buyers may promise the world

The world is a big place, and buyers who promise it could doom the sale of real estate.

That’s why sellers need to scrutinize the details of any offer that they may be tempted to accept if it is devoid of contingencies.

What can happen?  Answer: Plenty.

So sellers, their brokers and their attorneys should ascertain the following:

Appraisal contingency is contract’s stepchild

Appraisal contingencies, a buyer protection sometimes used elsewhere, is rarely seen here in the Big Apple.

For buyers in a market where they still have some heft, such a contingency is especially helpful in addition to a financing contingency.