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879: How to Buy a House in 2024

BiggerPockets Real Estate Podcast

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Negotiating Real Estate Inspections and Appraisal Contingencies

The duration for inspections in a real estate offer impacts the seller and the buyer, as a shorter period is favorable for the seller and a longer one for the buyer. In a competitive market, the inspection timeline might need to be shortened. Additionally, an appraisal contingency safeguards the buyer ensuring they don't pay more than the house's worth to secure a loan. An appraiser assesses the house's value compared to similar sales in the area, influencing the bank's decision to approve the loan.

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