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03-23-2010, 12:29 PM #1
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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03-23-2010, 12:34 PM #2
Re: Contingency Time Periods by State
Typically 3, sometimes 5 days in MN.
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03-23-2010, 12:53 PM #3
Re: Contingency Time Periods by State
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.
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03-23-2010, 05:58 PM #4
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03-23-2010, 08:13 PM #5
Re: Contingency Time Periods by State
I think the rush is BS. Being hasty is not in the best interest of the consumer.
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03-23-2010, 08:17 PM #6
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.
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03-23-2010, 09:27 PM #7
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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03-23-2010, 10:00 PM #8
Re: Contingency Time Periods by State
.
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.
.
Last edited by Billy Stephens; 03-23-2010 at 10:06 PM. Reason: manner
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.
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03-24-2010, 10:09 AM #9
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
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03-24-2010, 10:50 AM #10
Re: Contingency Time Periods by State
24 hours in Wisconsin.
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03-24-2010, 09:57 PM #11
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.
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.
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03-24-2010, 10:53 PM #12
Re: Contingency Time Periods by State
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.
$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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03-25-2010, 05:47 AM #13
Re: Contingency Time Periods by State
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03-25-2010, 06:05 AM #14
Re: Contingency Time Periods by State
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.
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03-25-2010, 06:24 AM #15
Re: Contingency Time Periods by State
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.
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03-25-2010, 06:32 AM #16
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03-25-2010, 06:38 AM #17
Re: Contingency Time Periods by State
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03-25-2010, 07:16 AM #18
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03-25-2010, 07:43 AM #19
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03-25-2010, 10:14 AM #20
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03-25-2010, 10:31 AM #21
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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