Maggie Foster is your Johnson County Real Estate expert.
The Kansas City market is very much a seller’s market this summer. As buyers, we look for ways to alleviate stress with renegotiations for sellers amongst a flurry of other offers. One tool in the buyer’s toolbox is the inspection period and the “In Its Present Condition Addendum.”
In a standard real estate transaction, there is an inspection period which is typically 10 days long. However, there is one tool some people don’t know about. It’s the In Its Present Condition Addendum.
In this active seller’s market, it can sometimes be enticing to a seller to include an addendum (an “addition”) with a buyer’s offer. There are three standard terms with this addendum in our local Kansas City market:
Buyer can do inspections on the property. Following inspections, buyer has the right to take property “as is” or has the right to cancel the contract.
Buyer can do inspections for informational purposes only. Buyer waives right to cancel contract due to inspections.
Buyer waives right to do inspections and is taking property in its current condition. Will not cancel due to inspections.
Now it’s important to note that this isn’t always the correct approach. Sometimes the house has been on the market for a considerable amount of time or there are no other offers on the table. In this case you may not have to bait your hook so aggressively; and you may choose not to use this addendum.
Johnson County market update
This week in Johnson County there were 1154 active listings, and 1317 listings went under contract (Source: Heartland MLS, July 7, 2023).
About Maggie
Maggie is a ReeceNichols real estate agent and a third-generation realtor. It’s her passion to provide a professional and positive buying and selling experience to her clients. Maggie has been featured in Realtor.com, Apartment Therapy and in other publications. https://maggief.reecenichols.com/
Follow her on Instagram and Facebook for updates on the local market.
In this active seller’s market, it can sometimes be enticing to a seller to include an addendum (an “addition”) with a buyer’s offer. There are three standard terms with this addendum in our local Kansas City market:
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