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Contract Contingencies for Buyers and Sellers in Crested Butte

January 22, 2019 By Chris Kopf

Contract Contingencies for Buyers and Sellers in Crested ButteContract Contingencies for Buyers and Sellers in Crested Butte

There are several contract contingencies for Buyers and Sellers in Crested Butte. There are numerous contingencies or “outs” for the buyer, but very few for the seller. The contingencies all have dates assigned to them. At each date, the buyer has the opportunity to terminate if in their sole opinion they are not satisfied with something. This can be anything from title issues, the inspection, financing, the appraisal, the survey, to HOA documents and more.

516 Sopris Avenue

Strong vs. Weak Offers

Contract Contingencies for buyers and sellers in Crested Butte also affect offers. Offers are generally referred to as “strong” or “weak”. A very strong offer would have few contingencies and may be a full price cash offer, presented with an earnest money check, and with a quick close date. A weak offer would be a lowball offer conditional upon the sale of another property owned by the buyer, an extended closing date, and dependent upon the buyer securing a loan. In the case of a weak offer there would be quite a few contingencies, which can scare sellers.

Offer Contract with Contingency Example

This is an example of when contract contingencies for buyers and sellers in Crested Butte actually worked out. I represented a buyer of a historical home in town. This was their dream home, but it lacked a full bathroom upstairs where there were two bedrooms. It would require a shed dormer to allow for the headroom to put in a shower in the bathroom. The agent for the seller said the seller had already approached the town previously and, per the architectural review, they were turned down.

Local Marketing When Selling Your Crested Butte Home

I contacted an architect that has designed many homes in town and who has worked with the architectural review board before. He said he thought they would approve it because he would design it differently. The dormer would not be facing the street (bad) but rather facing the adjacent home (good).

We submitted a Contract to Buy and Sell with a contingency that the sale was dependent on the buyer gaining approval from the town for the dormer. The architect had a preliminary meeting and got assurance from the town that his plans would be approved. Meanwhile we were moving through the other contingencies. He subsequently got the plans approved and we closed. The buyers had the dormer and full bathroom added, and are enjoying their home in downtown Crested Butte.

Loan Objection Contingency

Loan Objection Contingency is one of the most important of the contract contingencies for buyers and sellers in Crested Butte. The buyer has the right to terminate the contract if, “in their sole discretion,” (in their opinion) the terms of the financing are not acceptable. The Loan Objection Deadline date is usually the last contingency date on the contract. 

What happens as we approach the Loan Contingency Date and the bank has not given the buyer official notification that the loan is approved? The buyer has to make a decision whether to ask the seller to extend that contingency date, or terminate the contract if they think they will not get loan approval. The seller has to make a decision whether to approve the Loan Contingency Date extension or terminate the contract. They may be thinking that the buyer may not ever get loan approval, and will continue to delay, and no other buyers may be looking at the property since it is under contract.

How can I help you with your Crested Butte Real Estate Needs?

Chris Kopf Author Real Estate Agent

Contact me to help you.  I have been in your shoes – as both a Second Home Buyer and Seller here in Crested Butte.

I have over 30 years of sales and marketing experience and am a top real estate agent in the mountain town of Crested Butte, Colorado representing affluent clients who are buying and selling their homes and properties.

If you are Buying your Crested Butte Home – click HERE to get a free copy of my Book The Complete Guide To BUYING Your Mountain Dream Home.

If you are Selling your Crested Butte Home – click HERE to get a free copy of my Book – The Complete Guide to SELLING Your Mountain Dream Home

To see Crested Butte Homes For Sale or search the MLS – visit ChrisKopf.com.

The Crested Butte Real Estate Market is very active. Click this link to see my monthly Crested Butte Real Estate Market Reports.

Chris Kopf
Broker / Owner
Global Luxury Property Specialist
Coldwell Banker Mountain Properties
Chris.Kopf@CBMP.com
(970) 209-5405

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Chris Kopf, Coldwell Banker Mountain Properties
305 6th Street
Crested Butte, CO 81224
  • Chris.Kopf@CBMP.com
  • (970) 209-5405

Testimonials

Bobby Nichols

"The first moment we met Chris, my wife and I knew he was all about what is happening in real estate sales in Crested Butte. He knows his job, the marketplace and the innovative ways to market your home in today's electronic internet space. A real professional that understood us and our needs in handling a very successful sales transaction. "

 
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:45:19-07:00
"The first moment we met Chris, my wife and I knew he was all about what is happening in real estate sales in Crested Butte. He knows his job, the marketplace and the innovative ways to market your home in today's electronic internet space. A real professional that understood us and our needs in handling a very successful sales transaction. "  
https://chriskopf.com/testimonials/bobby-nichols/

Jeff Hollings

Chris is outstanding! We recently bought a second home in Crested Butte and Chris did a great job throughout the whole process. He has a thorough understanding of the market and the benefits and drawbacks of various locations. He was very patient with us as our preferences evolved throughout the search. He gave us valuable information on which to negotiate the purchase. He had great follow-up during the inspection/closing process (when we were not in town) and made sure all of the commitments made by the seller were properly completed.
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:46:48-07:00
Chris is outstanding! We recently bought a second home in Crested Butte and Chris did a great job throughout the whole process. He has a thorough understanding of the market and the benefits and drawbacks of various locations. He was very patient with us as our preferences evolved throughout the search. He gave us valuable information on which to negotiate the purchase. He had great follow-up during the inspection/closing process (when we were not in town) and made sure all of the commitments made by the seller were properly completed.
https://chriskopf.com/testimonials/jeff-hollings/

James Brennan

This was our first experience trying to purchase additional land with hopes of building a home. Chris was tremendously helpful throughout the entire process and his professionalism showed.
Crested Butte Real Estate by Chris Kopf
2014-10-14T17:59:24-06:00
This was our first experience trying to purchase additional land with hopes of building a home. Chris was tremendously helpful throughout the entire process and his professionalism showed.
https://chriskopf.com/testimonials/james-brennan/

Jane Saltzman

Chris was terrific to work with. The house sold faster then I ever expected! He was particularly helpful for this second home owner that couldn't always get there to take care of house issues. Thank you Chris!!!
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:49:37-07:00
Chris was terrific to work with. The house sold faster then I ever expected! He was particularly helpful for this second home owner that couldn't always get there to take care of house issues. Thank you Chris!!!
https://chriskopf.com/testimonials/jane-saltzman/

Georges Lussier

The thought of a short sale was intimidating, but Chris made the experience very easy with lots of guidance from start to finish. I would highly recommend Chris for any Real Estate need buying or selling.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:05:40-06:00
The thought of a short sale was intimidating, but Chris made the experience very easy with lots of guidance from start to finish. I would highly recommend Chris for any Real Estate need buying or selling.
https://chriskopf.com/testimonials/georges-lussier/

Frank Stringer

Chris Kopf is a wonderful person to work with on any real estate matter you may have in Crested Butte. He is extremely knowledgeable of all elements of the Crested Butte area. He helped us recently to buy a new second home in Skyland and the entire experience was first class under Chris's guidance. I would highly recommend him to anyone who has a real estate need in Crested Butte.
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:51:04-07:00
Chris Kopf is a wonderful person to work with on any real estate matter you may have in Crested Butte. He is extremely knowledgeable of all elements of the Crested Butte area. He helped us recently to buy a new second home in Skyland and the entire experience was first class under Chris's guidance. I would highly recommend him to anyone who has a real estate need in Crested Butte.
https://chriskopf.com/testimonials/frank-stringer/

Paul & Julie Keesee

Chris was quite helpful in showing us homes in the area we were interested in and contacted us when new listings were available. We not only consider him our realtor but also a friend.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:05:59-06:00
Chris was quite helpful in showing us homes in the area we were interested in and contacted us when new listings were available. We not only consider him our realtor but also a friend.
https://chriskopf.com/testimonials/paul-julie-keesee/

Jim & Sandra Wickham

Chris' patience and persistence paid off for us in finding the right house for the right price. We would highly recommend Chris to any potential buyer.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:06:18-06:00
Chris' patience and persistence paid off for us in finding the right house for the right price. We would highly recommend Chris to any potential buyer.
https://chriskopf.com/testimonials/jim-sandra-wickham/

Tom & Mary Aton

It was a great experience working with Chris, after showing me what I thought I wanted, he advised me of the pros and cons on the different condos and found one that I am thrilled with.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:06:31-06:00
It was a great experience working with Chris, after showing me what I thought I wanted, he advised me of the pros and cons on the different condos and found one that I am thrilled with.
https://chriskopf.com/testimonials/tom-mary-aton/

Dan Aquaviva

This agent has a very strong knowledge of the local area. He was very helpful in screening properties for potential purchase.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:05:26-06:00
This agent has a very strong knowledge of the local area. He was very helpful in screening properties for potential purchase.
https://chriskopf.com/testimonials/dan-aquaviva/
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Crested Butte Real Estate by Chris Kopf

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