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  1. #1
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    Default Contingency Time Periods by State

    A thread about inspection reports and the need or lack thereof for an on-site report got me wondering about contingency time periods in other states.

    Here is PA, our clauses are typically 7, 10, or 15 days. How about some other states?

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  2. #2
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    Default Re: Contingency Time Periods by State

    Typically 3, sometimes 5 days in MN.

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  3. #3
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    Default Re: Contingency Time Periods by State

    Quote Originally Posted by Nick Ostrowski View Post
    A thread about inspection reports and the need or lack thereof for an on-site report got me wondering about contingency time periods in other states.

    Here is PA, our clauses are typically 7, 10, or 15 days. How about some other states?
    Pretty much whatever they write in the contract, I never see the contract but based on the calls I get I would say that 7-10 are the norm for my area. With the way homes are selling I'm seeing a greater latitude in the time frame, it's not like it was 4+ years ago.

    The REO's, for some reason have the short 3-5 day time period.

    Scott Patterson, ACI
    Spring Hill, TN
    www.traceinspections.com

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    Default Re: Contingency Time Periods by State

    Quote Originally Posted by Scott Patterson View Post

    The REO's, for some reason have the short 3-5 day time period.
    .
    They Want Their Money Before You Sober Up.
    .

    It Might have Choked Artie But it ain't gone'a choke Stymie! Our Gang " The Pooch " (1932)
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  5. #5
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    Default Re: Contingency Time Periods by State

    I think the rush is BS. Being hasty is not in the best interest of the consumer.


  6. #6
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    Default Re: Contingency Time Periods by State

    Hirsorically, it's been 10 days in my area... sometimes calendar days, sometimes business days so it's really 10-14 days in most cases. Lately with the bank REOs I'm hearing about a lot of short ones, 5-7 days or so.

    Don't bother checking any local laws... the almighty banks supercede anything local. Don't ask me how but they can and do. I learned this with the utilities being on at houses. The Oregon purchase agreement requires sellers to leave utilities on for buyers to inspect the house. Not so with REOs.... Banks can and have pretty much written their own rules. Many of the listings now say things like "buyers to turn on utilities for inspection" - you gotta love that. In many cases the utility companies won't even do it unless you own the house which results in a big old catch 22... usually with me standing in the dark (and unable to dispose of my morning coffee) all while losing $350.


  7. #7
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    Default Re: Contingency Time Periods by State

    In MN I believe the timeline is set during agent negotiations. It seems mostly to be dictated by the listing agent.

    What I'm finding with the REOs is the time period is generally longer that what we're used to. Since the banks usually aren't located around here they go by the timeline used in their home market.

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  8. #8
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    Default Re: Contingency Time Periods by State

    Quote Originally Posted by Ken Rowe View Post
    .

    In MN I believe the timeline is set during agent negotiations. It seems mostly to be dictated by the listing agent.

    What I'm finding with the REOs is the time period is generally longer that what we're used to. Since the banks usually aren't located around here they go by the timeline used in their home market.
    .
    Ken,

    It appears that at some point in the past A Listing Agent decided THREE DAYS was really probably too long to Wait for Their Commission Conformation.

    * but as they were kind hearted people it was bequeathed that mere mortals would be tolerated this time allotment in order that Proper Tribute be Presented in a due and Timely Manner.
    .

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    Last edited by Billy Stephens; 03-23-2010 at 11:06 PM. Reason: manner
    It Might have Choked Artie But it ain't gone'a choke Stymie! Our Gang " The Pooch " (1932)
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  9. #9
    Ted Menelly's Avatar
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    Default Re: Contingency Time Periods by State

    For the most part 7 to 10 days

    On occasion a 3 to 5 day is thrown in.

    This morning a re-inspect.............................closing this afternoon


  10. #10

    Default Re: Contingency Time Periods by State

    24 hours in Wisconsin.

    Michael Carson
    Inspect It Right Home Inspections L.L.C.
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  11. #11

    Default Re: Contingency Time Periods by State

    Many of the listings now say things like "buyers to turn on utilities for inspection" - you gotta love that.
    On REO's, I'm now running into requirements for the buyer to pay the companies who winterized the property to de-winterize for the inspection. Yesterday's client had to pay $50 to de- winterize, and was required to then pay $125 to re- winterize whether or not he bought the place.

    I wish they'd leave the dang water on. There was a large puddle of urine at the entrance to the crawlspace. At least it was a walk- in, so I could go around it. The person must have been too shy to step outside.

    [QUOTE]Many of the listings now say things like "buyers to turn on utilities for inspection" - you gotta love that. In many cases the utility companies won't even do it unless you own the house which results in a big old catch 22...QUOTE]

    It's getting tougher out there. I used to be able to show up, find the the water was off, and get the water dept. out within an hour to turn the water back on for the inspection. This hasn't been the case recently.

    24 hours in Wisconsin.
    Why rush into things


  12. #12
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    Default Re: Contingency Time Periods by State

    Quote Originally Posted by Billy Stephens View Post
    .
    Ken,

    It appears that at some point in the past A Listing Agent decided THREE DAYS was really probably too long to Wait for Their Commission Conformation.
    It's been explained to me in the past that the seller generally wants it as fast as possible. My thoughts are that they think the shorter the time period the less chance of the deal falling though.


    Quote Originally Posted by Brandon Whitmore View Post
    On REO's, I'm now running into requirements for the buyer to pay the companies who winterized the property to de-winterize for the inspection. Yesterday's client had to pay $50 to de- winterize, and was required to then pay $125 to re- winterize whether or not he bought the place.

    I wish they'd leave the dang water on. There was a large puddle of urine at the entrance to the crawlspace. At least it was a walk- in, so I could go around it. The person must have been too shy to step outside.


    It's getting tougher out there. I used to be able to show up, find the the water was off, and get the water dept. out within an hour to turn the water back on for the inspection. This hasn't been the case recently.
    $50 to turn it on and $125 to winterize is cheap compared to what I've been seeing. Anywhere from $125 to $200 to dewinterize and $150 to $300 to winterize.

    You really can't leave the water on in the places up here. The foreclosed houses have normally had the gas shut off due to lack of payment so they have no heat.

    Two to three days is pretty normal in Minneapolis and St Paul to get the city to turn on the water at the street. Plus, they must receive payment for any past due water bills on the property before they turn it back on. Same goes for the gas and electric service to the property.

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  13. #13
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    Default Re: Contingency Time Periods by State

    Quote Originally Posted by Michael Carson View Post
    24 hours in Wisconsin.
    Homes are selling that well in WI that they can get away with a 24 hour time limit contingency for the home inspection? That just does not sound right.

    Scott Patterson, ACI
    Spring Hill, TN
    www.traceinspections.com

  14. #14
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    Default Re: Contingency Time Periods by State

    Quote Originally Posted by Ken Rowe View Post
    .
    My thoughts are that they think the shorter the time period the less chance of the deal falling though.

    .
    .
    It's Not Part of My Thought Process if " The Deal " Lives of Dies.

    I Inspect The Condition of The Property at That Time and Day .

    * wonder what The Title Company would tell them if a 3 Day Limit was imposed upon them ?
    .

    It Might have Choked Artie But it ain't gone'a choke Stymie! Our Gang " The Pooch " (1932)
    Billy J. Stephens HI Service Memphis TN.

  15. #15
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    Default Re: Contingency Time Periods by State

    Quote Originally Posted by Billy Stephens View Post
    .
    It's Not Part of My Thought Process if " The Deal " Lives of Dies.

    I Inspect The Condition of The Property at That Time and Day .

    * wonder what The Title Company would tell them if a 3 Day Limit was imposed upon them ?
    .
    The way you've edited my post changes it's meaning. What I said was,
    It's been explained to me in the past that the seller generally wants it as fast as possible. My thoughts are that they think the shorter the time period the less chance of the deal falling though.
    When you edit a quote it comes out like this,
    Quote Originally Posted by Billy Stephens View Post
    It's Part of My Thought Process if " The Deal " Lives of Dies.
    Not really the right thing to do is it?

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  16. #16
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    Default Re: Contingency Time Periods by State

    Quote Originally Posted by Ken Rowe View Post
    .

    , Not really the right thing to do is it?

    .
    Ken,

    That could be taken both ways .

    Care to explain ?
    .

    It Might have Choked Artie But it ain't gone'a choke Stymie! Our Gang " The Pooch " (1932)
    Billy J. Stephens HI Service Memphis TN.

  17. #17
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    Default Re: Contingency Time Periods by State

    Quote Originally Posted by Billy Stephens View Post
    .
    Ken,

    That could be taken both ways .

    Care to explain ?
    .
    Sure. Don't edit quotes.

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  18. #18
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    Default Re: Contingency Time Periods by State

    Quote Originally Posted by Scott Patterson View Post
    Homes are selling that well in WI that they can get away with a 24 hour time limit contingency for the home inspection? That just does not sound right.
    Michael, where did you get that number? I haven't seen that here. In WI I am seeing 5-10 days on a regular basis. You guys must do it different up in Wausau. You're kidding right?


  19. #19
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    Default Re: Contingency Time Periods by State

    Quote Originally Posted by Ken Rowe View Post

    Sure. Don't edit quotes.
    .
    Lay it on Me.
    .

    It Might have Choked Artie But it ain't gone'a choke Stymie! Our Gang " The Pooch " (1932)
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  20. #20
    Ted Menelly's Avatar
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    Default Re: Contingency Time Periods by State

    Quote Originally Posted by Ian Niquette View Post
    Michael, where did you get that number? I haven't seen that here. In WI I am seeing 5-10 days on a regular basis. You guys must do it different up in Wausau. You're kidding right?
    With names like Wausau and Markesan I would tend to believe you both do it a little differently


  21. #21
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    Default Re: Contingency Time Periods by State

    The contingency time here varies from 5-10 days, but whatever is written on the sales contract is what is upheld.

    rick


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