Team Napolitano Podcast

Demystifying Real Estate Contingencies: AnnMarie Napolitano's Expert Guide to Smooth Home Transactions

• AnnMarie Napolitano • Episode 14

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What Are The Most Common Contingencies?

Unlock the secrets that could make or break your next real estate deal! Join us on the Team Napolitano Podcast as we sit down with AnnMarie Napolitano, the seasoned realtor and owner of Team Napolitano from Keller Williams, Port St. Lucie. With her incredible expertise, AnnMarie guides us through the labyrinth of real estate contingencies, shedding light on the essential clauses that every buyer and seller must understand. From the intricacies of financing to the pivotal role of inspections and the domino effect in home sales, you’ll gain invaluable insights that could save your next transaction.

In a memorable recount, AnnMarie shares how her proactive approach salvaged a deal threatened by undisclosed pool leaks—a testament to the importance of thorough inspections. Alongside our co-host and producer Garfield, we dissect these real-life examples to provide you with practical tips on safeguarding your investments. This episode is packed with expert advice and real-world stories, making it an essential listen for anyone navigating the complexities of the real estate market. Tune in and equip yourself with the knowledge to ensure a seamless home buying or selling experience.

To learn more about AnnMarie and Team Napolitano, visit:
https://annmarienapolitano.kw.com
Keller Williams Realty of Port Saint Lucie
9700 Reserve Blvd.
Port St. Lucie, FL 34986
Office: 772-236-5700

Speaker 1:

Welcome to the Team Napolitano podcast, where home is where the heart is. Here's your host, licensed realtor Anne-Marie Napolitano.

Speaker 2:

Ever wondered about the fine print in real estate deals? Ever wondered about the fine print in real estate deals? Join us for an informative chat with the owner of T Napolitano from Keller Williams, port St Lucie. Welcome back everyone. This is Garfield-born co-host slash producer in the studio with licensed realtor Anne-Marie Napolitano. Anne-marie, how are you doing today?

Speaker 3:

Marvelous. How are you, Garfield?

Speaker 2:

I am well, I am real. So, anne-marie, how are you doing today? Marvelous, how are you, garfield? I am well, I am real. So, ann Marie. What are the most common contingencies?

Speaker 3:

So we have quite a few contingencies with a sale. I'll give you a list because I don't want to forget any of them. The first one that is probably the most important with us is your financing contingency. And with the financing, it's important because you have to have an appraisal and you have to go through the process and that could be up to 30 days to get approval for financing. And without that, if you don't get approval, a buyer can get their funds back, their deposit. So that's probably the most important one is financing. We have inspections, we have a contingency of home sales, we have kickout clauses, we have title contingencies, we have insurance contingencies sometimes and we even have HOA contingencies wow, so they're not messing around no, there's a lot of details that we handle.

Speaker 3:

Doesn't seem like we do a lot of work, but we do a ton of work.

Speaker 2:

And you got to know the ins and outs of them. Let's tell me I know you said one of them was one of the top ones what would you say with the top three contingency? What would that look like?

Speaker 3:

It would be your financing, because appraisals are very important, especially in a market that shifts so much. Right now we're having problems with our appraisals because the market went up so high and now it's gone down. So that's one. The other one is if a buyer is purchasing a house contingent of a sale of a house remember that's a domino effect. So if their house doesn't sell and they need the funds to close, that would be major. Our other, most important one of them is inspections. If we get through the hurdle of inspections, that's a big accomplishment.

Speaker 3:

So that's like the turning point then yeah, and I also think sellers have an opportunity to pre-inspect their house before they list their house and it's great because they can find out if there's a little electrical plumbing or roof issues, a pool issue, because a lot of times we live in these homes that we don't realize they have problems until inspections.

Speaker 2:

A lot of people don't understand how serious these contingencies are. So I want you to. You're going to be a storyteller. I want you to tell a story that's very memorable to you where, because of a contingency, the deal fell through. Memorable to you where, because of a contingency, the deal fell through, but you managed to save it because you're the superhero.

Speaker 3:

I actually one of my last inspections this was amazing. You know the sellers fill out a disclosure and then, if you have the buyer, you read the disclosure and they make their offer depending on the disclosure. Sometimes and there was one of those pumps that they put in by the pool to automatically fill it with water. So I suspected there was a leak in the pool, but the sellers didn't disclose that. I had the buyer and come to find out they had a leak detection company check the pool because the card was at the house and we found it during the inspection and it hit. The pool had three active leaks plus a leak in the waterfall and it was shocking because you know you're talking thousands of dollars. We wound up coming to terms and we got a credit for that, but our job is to protect our clients, so as much education and knowledge we can find out about the house, it goes a long way.

Speaker 2:

Contingency, contingency, contingency. Anne-marie got you covered. Listen, good stuff again. You have a wonderful rest of the day. We'll see you in the next episode.

Speaker 3:

Thanks, garfield, you too Ciao.

Speaker 1:

Thanks for listening to the Team Napolitano podcast, where home is, where the heart is Thinking about buying or selling a home. Go to annmarienapolitanocom or call 954-675-2804. That's 954-675-2804.