Whats the average contingency periods you guys are seeing? It seems like here in Nashville most of the agents only have a 10 day period. I got on this topic with another inspector I work with up in New York. He says it’s usually a minimum of 15 days where he is at. We were talking about EEMs and I told him the closing dates are so close I really never get to do any. Today we’ve got an ice storm slowing things down and agents are freaking out because they only have a few days on the contingency. I’ve already done two today but I’ve got to push some back because it takes forever to get anywhere here when they even forecast snow.
In MS, 10 days is normal although 7 days is becoming more frequent.
Yeah I’m starting to see a bunch of 7 days too. What’s the deal why are they signing these contingency periods with so little time to do anything?
10 days in MD, but some of the banks are doing 5 on foreclosures. That makes life fun, especially when it’s on well/septic or in a high radon area. Oh, and the utilities are off!
7 or 10 days is the norm here in SW Ohio.
I have seen as low as 5 days and as many as 30.
Same here in NE OHIO.
If the utilities are off it is usually not a problem getting an extension.
10 days is the average here. One real estate office that sends me a lot of work has 14 days due to the availability of inspectors (according to the broker).
7-10 days. Mostly 10.
Mostly 10 except when they call with 5 days left and need an inspection ASAP;)
Used to be 7-10 (business) days was the norm until about two years ago… now, 7 (any) days is the norm… and a lot of 5’s (your lucky to get those) days are getting thrown in the mix! When 5’s become the norm, my fee’s will increase accordingly.
5 days is standard here which is why I find it strange guys saying they are booked 2-3 weeks out.
My calls for the week usually come Sunday through Tuesday.
10 days. My regular referers usually will make sure I get 15 days.
7 - 10 days down here.
Except for Fannie Mae or Freddie Mac foreclosures.
They usually only give 5.
7-10 days in my area.
10 days has been the norm for 10 years in KC.
This past year I started seeing more 7 days AND with foreclosures 5 days.
Why do you think the REA’s shorten the time span … Forced urgency, less time to get buyers remorse OR hash it over with Uncle Paul.
As Dan says, same with me here in KC. I see a few 15 days, but not many. Banks want only 5 days, so inspections/negotiations cannot be done. If a home buyer only sees 5 or 10 days, there is usually a reason. 15 would be more comfortable for a home buyer. But, REA’s are controlling the transaction, and the shorter, the better for them.
HI’s who state they are booked 2 to 3 weeks out, is just not realistic.
We usually have 7-10 days but the EEM is not included in that time, that just has to be before closing. My biggest issues with EEMs is all the people that just want to get new windows. I have to tell them every time it won’t work and give them the “replacement window ROI” speech.
I had a client call me and said his agent told him he had a five day contingency. Realtors are trying to rush their clients so they have no time to back out.
5 days is in the Real Estate contract here.
It is 10 days on average here. We also have a second one though. They have up to three days to get the inspection completed once the bank approves financing. This is fit into the 10 days. So if you are pre-approved and you get your financing letter the next day, you have three days to get the inspection completed. It makes it a real gong show.