Veronica Dagher

speaker

3,082 appearances 51 recordings 1 series first heard Sep 2017 last heard Jan 2025

Veronica Dagher’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Job-Loss Fears Trigger Use of Homebuying Escape Clauses · 27 Mar 2023 podcast

People in tech and people in banking, because we've seen so much uncertainty in banking these days, people who work in those industries are saying, matched

look, if I lose my job before this contract closes, I will be able to get my deposit money back on the house. matched

I'm not going to lose that deposit money, which in some cases could be up to six figures, so depending on how expensive the house is. matched

And so it's an important hedge for people to be able to back out of a contract, get that deposit money back, matched

and minimize hard feelings that might happen between a buyer and seller if things go south. matched

Well, basically, they give buyers and sellers, one or both of the parties, a way to back out a real estate contract if certain conditions aren't met. matched

And basically, the sale of the home is contingent on one of these conditions. matched

Some of these conditions could be matched

an appraisal or they could be a home inspection or they could be a funding contingency and can talk a little bit about those. matched

But there's various contingencies you can add into a contract depending on what you're looking to hedge against, what risk you're looking to hedge against. matched

You wanna get that contingency clause in any preliminary contract before any money changes hands. matched

So before you give over your deposit money to that seller for that house, usually it's held in escrow, it should be held in escrow by the attorneys. matched

Before you hand over any money, make sure you have in writing that this deal could be called off if X and Y don't happen. matched

It's really important before any money changes hands. matched

If you're still in the house shopping stage, no need to be talking about contingencies to potential sellers you may be buying from. matched

You don't want to push yourself out of the process because I think it is important to say if you're a buyer and you add a contingency into a contract or say you're looking for some sort of contingency outright, matched

you're generally less competitive as a buyer. matched

There's still people out there, these cash buyers, who will buy a house with no mortgage, no contingency, sometimes even sight unseen. matched

Those people are very, very competitive buyers. matched

And so if you're in one of those markets that still exist out there, just be wary that adding in a contingency into your offer is gonna make you look weaker. matched

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