Sunstone Real Estate Group at Coldwell Banker Realty, Lake Havasu City, AZ
Originally posted on our Lake Havasu real estate blog here: https://www.sunstonerp.com/lake-havasu-market-report-for-july-2022/. ...

You searched and searched the Lake Havasu real estate market and finally found a home you love. Now, you must put together your offer to present to the buyer. In it, you might want to include a contingency or two (conditions of sale) to protect yourself in case something goes wrong. If the contingencies in the sales agreement are not met by the close of escrow, you can cancel the sale and get your earnest money deposit back. But you do not want to overwhelm a seller with too many of these conditions. Otherwise, they might not accept your offer. Here are a few common contingencies home buyers ask for (and many sellers expect to see).
Common Contingencies a Home Buyer May Ask For
Home Inspection
No responsible professional would ever suggest waiving a home inspection. This allows the buyer the chance to hire a third-party (unrelated to the seller) to examine the household for potential issues (mold, pests, water damage, etc.). Even with a newly constructed home, you should consider hi. ...

When purchasing a new Lake Havasu City home, smart buyers do in-depth research on all facets of the homebuying process. One thing you need to understand is how to best protect yourself and your investment if anything were to go wrong. Check out the information on homeowners insurance versus home warranty below to educate yourself on your options.
Homeowners Insurance vs Home Warranty: What's the Difference?
Homeowners Insurance
First of all, homeowners insurance pays for any accidental damages and loss caused by fire, lightning strikes, windstorms, and hail. However,  it typically excludes damage from earthquakes and floods. Those require separate policies. (Make sure to talk to your insurance agent about them if you believe you might need them.) Homeowners insurance also covers the replacement of personal property in case of theft or damage. If a person gets injured in your Havasu home or on your property, homeowners insurance covers this as well. According to the insurance we. ...

The Lake Havasu real estate market appears to be slowing down a little. The days of multiple bids and single-digit days on market may be a thing of the past. Buyers love more inventory and less competition. Part of the home buying process includes opening up an escrow account once a seller accepts your offer. But do you know how this account works?
What is an Escrow Account?
In real estate, escrow is a legal arrangement wherein a third party holds funds and/or collateral until the final sale between a buyer and a seller of a property. Usually (but not always), this falls to the title company. Your Earnest Money Deposit, for example, goes into your escrow account. This protects both the buyer and seller from taking any money deposited there and running off with it. But there are two types of escrow accounts. The first is set in place during the sale. Then, after closing, homeowners usually transition into a homeowners' escrow account.
During the Sale
As I stated above, this account . ...

Sunstone Real Estate Group at Coldwell Banker Realty, Lake Havasu City, AZ
Originally posted on our Lake Havasu area real estate blog here: https://www.sunstonerp.com/lake-havasu-market-report-june-2022/. ...