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: Realtors tip: Short Sale and Bank Owned Homes - Easy to avoid pitfall

Realtors tip: Short Sale and Bank Owned Homes - Easy to avoid pitfall

In today's marketplace, many homes have their electricity / water/ gas turned off. We frequently run into issues with inspection contingency periods running out as they struggle to get utilities restored in time.


When writing up your Purchase and Sale Agreement, put in the contract:

“Once the Selling Agent has been notified by the Listing Agent-Office that ALL UTILITIES to the property have been restored and are operable, the inspection contingency period will begin."



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Comments

In California, that is actually in the Purchase Contract already (yet everyone conveiently forgets).

Posted by Melissa Zavala, Broker, Escondido Real Estate, San Diego County (Broadpoint Properties) over 6 years ago

Seems like a simple idea, but we run into this all the time.

Posted by JJ and Suzanne Greive - Seattle Area ASHI Inspections (Home Inspections of Puget Sound) over 6 years ago

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