"California's housing market is highly competitive, making non-contingent offers appealing to sellers as they communicate buyer commitment, while reducing transaction risks."
"Sellers often prefer non-contingent offers because they speed up the closing process and lessen the likelihood of deal cancellations, especially in areas like Silicon Valley."
In California's competitive housing market, buyers often make non-contingent offers to secure a property. These offers allow buyers to waive contingencies that typically protect them, such as financing approvals or home inspections. While they may enhance a buyer's appeal to sellers by signifying commitment, these offers come with significant risks. They eliminate safety nets, leaving buyers vulnerable in case of unforeseen issues. The prevalence of non-contingent offers in areas like Silicon Valley reflects their importance as buyers seek to navigate a fast-paced and fraught market.
Read at Bay Area Real Estate Law Blog
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