A pre-approval letter could make your offer be perceived as stronger compared to an offer without one, and it could also help expedite the closing process.
- Inspection ContingencyWhat is it?This home will be inspected after the offer is accepted and prior to closing, during which time you can negotiate price or repairs based on the inspector's findings or cancel the contract. If any prior inspection reports are available, you'll find them in the Diligence Documents (Analysis tab). If the latest inspection report is more than 4 months old, the home will be listed with an inspection contingency.Benefits
How it Works
- This property will be professionally inspected before closing.
- You’ll have the opportunity to negotiate a lower price or repairs if any issues are identified during the inspection process.
- Your earnest money deposit will be refunded if you cancel the transaction before the inspection contingency termination date.
- Roofstock will let you know whether the property passes Roofstock Certification. If it fails, and you choose to carry on with the transaction, the Roofstock Guarantee will no longer apply unless issues are resolved prior to closing.
TermsThe inspection contingency contains a termination date which the buyer must adhere to. The buyer must have the inspection completed, review the report and negotiate with the seller on the next steps within this agreed upon timeframe. If the termination date passes and the buyer has not terminated the agreement or come to an agreement with the seller, the buyer must continue based on the terms in the initial purchase agreement.
- Roofstock can refer you to our preferred property manager to help you understand the property report and next steps.
- After the purchase agreement is signed, the buyer has 20 days from the date of the contract to hire a home inspector and conduct any negotiations with the seller if necessary. The home inspection typically costs $300-$500 and is paid by the buyer and includes instances where the inspection report is more than 4 months old. If the inspection is current and buyers are using a Roofstock inspector, inspection would be free of charge.
- Once the buyer receives the inspection report containing details on the home’s condition and potential issues, the buyer can (1) remove the inspection contingency and continue with the closing process, (2) negotiate different terms with the seller based on the report findings, or (3) in extreme circumstances, terminate the purchase agreement and get their earnest money deposit back.
- Any negotiation or termination must happen within the time period specified in the purchase agreement, unless otherwise agreed upon between buyer and seller.
- Roofstock ExclusiveWhat is it?This property is listed directly from the seller and only available through the Roofstock marketplace.Benefits
- You can avoid competition and "buy it now" at the list price.
- The home will have undergone a comprehensive inspection, title search and more – all of which are made available in the Diligence Documents to review.
- Transaction will only carry an inspection contingency if the posted inspection report is more than 4 months old.
- A Roofstock-affiliated broker represents the Seller in this transaction, but Roofstock will walk you through the process.
- Roofstock GuaranteeWhat is it?Our industry-leading guarantee allows you to invest with total confidence, regardless of whether the home is leased or vacant.Benefits
- All properties come with our 30-day money back guarantee
- Enjoy guaranteed rent on vacant properties starting 45 days after the home is rent-ready. Plus you will also pay no monthly management fees until your property is leased.
- This offer applies to all single-family properties and excludes properties with more than 2 units (duplex, triplex, fourplexes), commercial properties and Roofstock portfolios.
Marketplace Fee of $500 must be paid to secure your investment property, remove it from the marketplace and initiate the purchase process.If your offer has a contingency and you cancel before the contingency termination date, the Marketplace fee will be refunded. It is non-refundable in all other cases.
Purchase and Sale Agreement (PSA): A PSA will be delivered electronically promptly following payment of the Marketplace Fee and must be executed by Buyer within 24 hours of receipt.
Earnest Money Deposit (EMD) of $1,500 must be wired to the Title Company within 3 days of PSA signing.
Appraisal Contingency is available for financed properties, and will be waived automatically if the property appraises for the sale price. If it does not appraise for the sale price, then the Buyer and Seller will have the opportunity to come to terms or the Buyer can cancel the contract.
Closing Date: The Closing Date will occur within 15 days of PSA execution for cash transactions and 30 days of PSA execution for financing unless otherwise agreed by Buyer and Seller
Lease Agreement: The current lease agreement will be provided to Buyer at Closing.
Closing Costs: Closing costs shall be paid based on local custom, and will include discounts negotiated by Roofstock to lower transaction costs for Buyers and Sellers. An estimate of closing costs is provided in the Diligence Vault and actual closing costs will be outlined on the final settlement statement.
Title and Settlement Provider: Roofstock's standard closing process includes preferred partners who act as the title and escrow agent for this property. Our preferred partners have agreed to provide discounted escrow and settlement services to purchasers of properties via the Roofstock marketplace to lower your investment costs. If you would like to use a different provider for these services, please contact us.
Listing Broker: Larry C. Myer- Missouri
Learn more about the investment process