Your purchase contract should include a provision to deal with deadlines that are not met on time. For example, in the home purchase contract used by many REALTORS® in San Diego and California, sellers can give buyers a 24-hour notice to perform. If the buyers don’t meet this deadline, the sellers can cancel the contract. This notice can’t be delivered earlier than 24 hours before the contingency is due.

You might want to issue a 24-hour notice, or some similar remedy included in your contract, if you’re in contract with buyers who don’t remove their inspection contingency on time and have made no effort to line up inspectors, especially if the buyers’ agent thinks her clients are flaky. If your contact doesn’t provide for a simple remedy for missed deadlines, consult with a knowledgeable real estate attorney.

In most cases where buyers can’t remove contingencies on time but they’re serious about moving forward, there’s just a glitch that needs to be addressed. A seller wouldn’t want to jeopardize the deal by invoking a demand to perform if there’s a good chance the delay is just that.

Recently buyers who were applying for a jumbo mortgage hit a roadblock when the house didn’t appraise for the purchase price. The loan and appraisal contingencies were due 14 days from acceptance — a near impossible time frame in the current lending environment.

The buyers were committed to buying the house, and the sellers were committed to selling to these buyers. The buyers requested an extension of time for the loan and appraisal contingencies; the sellers agreed.

HOUSE HUNTING TIP: At the first indication there could be a delay in a contingency removal or closing, your agent should let the other agent know so that it doesn’t come as a surprise. Your agent should be as specific as possible about the situation, without violating your privacy rights. The listing agent should cooperated with your agent and explain the complete situation.  If it turns out that there will be a delay, make a written request for an extension so that there is no question about whether or not the contract is intact.

Most San Diego County residential purchase contracts include a passive form of contingency removal. In this case, if the contingency is being removed, the party removing the contingency does not need to do so in writing. However, the preferred method for contingency removal is the active form where the party removing the contingency gives written notice that the contingency is lifted from the contract. This avoids any ambiguity as to whether or not a contingency has been satisfied.

Sometimes a contingency or closing is missed by a day. In this case, a written request for extension might not be made because the delay occurs at the last minute. For example, a final, unanticipated condition of loan approval required one buyer to prove that her Social Security number was, in fact, her Social Security number.

The buyer, a busy doctor, had to take off work and go to the local Social Security office to get the documentation the lender required. The loan contingency was removed a day late. But the escrow closed on time.

The closing and recording of the title for your San Diego County real estate transactions will require patience and flexibility.  These  are a necessary part of getting through today’s San Diego current home-sale transactions. Top professional Brokers and Realtors start working on removing and closing out contingencies from the very beginning of escrow to the proposed closing date.  However, if a delay is going to be more than one day, it should be agreed to in writing. Oral agreements are not binding.  A highly qualified and preferrably a licensed Transaction Coordinator will assit your Realtor  to handle the contingency removals.

 On Thursday, the House of Representatives unanimously passed legislation to extend the first-time homebuyer tax credit to veterans and other civilian personnel stationed overseas. The legislation, H.R. 3590, which passed the House by a vote of 416 – 0, provides members of the armed forces, foreign and intelligence services who have been stationed abroad for at least 90 days, another year to take advantage of the $8,000 first-time homebuyer tax credit.

 The current first-time homebuyer tax credit is set to expire on November 30, 2009. Pending Senate approval and signature by the President, veterans and other civilian personnel will remain eligible for the tax credit until the same date in 2010.

 Meanwhile, consideration is being given to extend the tax credit to all first-time homebuyers, not just those individuals eligible under H.R. 3590. The House Committee on Small Business recently held a hearing on this issue, which examined the current state of the housing market and the impact of the first-time homebuyer tax credit over the last year. Information regarding this hearing, which I encourage you to review, is available on the Small Business Committee website <http://email.address-verify.com/m/0b5GdybSvHkKOb6dbvT3JJQ7fxgnwA51KEpMNRkA43UAgi_4QA> .

 A home may appear structurally sound and still be falling apart. That’s because termites – wood-boring insects of just one-quarter inch length – attack wood from the inside out, causing serious damage that can go undetected for years. Most homeowners do not know the evidence that termites are actually eating away the structure of your home.

Homeowners in every state except Alaska are at risk of termite infestation. In fact, each year homeowners pay in excess of $2.5 billion to repair termite damage and control the insects – costs that are generally not covered by homeowners’ insurance. Termites are so damaging because they attack the wood closest to the soil where the home’s load-bearing components are located. If a termite infestation goes on for too long, the loss of structural support can lead to additional deterioration including sagging walls and door frames. Some primal termite knocked on wood. And tasted it and found it good! And that is why your Cousin May Fell through the parlor floor today. – “The Termite,” a poem by Ogden Nash In some cases, there are visible indications of termite infestation that can serve as warning signs when you are looking at a prospective home to buy. They include: •Swarms of winged insects inside or around the home. •Live termites located in the wood elements. •Dead termites or their wings around windows, doors, heating vents, bathtubs and sinks. •Hollow sounding wood in the home’s walls. •Bulging walls caused by aboveground nests of certain termites. •Sawdust-like powder near the doors, windows, garage. •Very small holes in the wood inside or outside the house. •Paint that appears to be buckling on wood surfaces. •Small mud tubes on the inside or outside walls. However, despite these signs and because of the stealth nature of termites, having a professional inspection by a licensed structural pest control inspector is the only way to know for certain if a termite problem exists. In fact, many lenders require a termite inspection before a home sale is finalized. Inspectors will likely test for termites, as well as other wood-destroying organisms including carpenter ants, carpenter bees and powder post beetles. Purchasing a home is a large financial investment so don’t take a chance on an inspector who may not be thorough. Ask friends or real estate professionals not connected to the sale for a referral. You can also contact the American Society of Home Inspectors (http://www.ashi.com/) for a local referral. Make sure that the inspector has current liability coverage, including errors and omissions or malpractice coverage to cover any negligence. Check the inspector’s license and any outstanding complaints through your state licensing agencies or state consumer protection agency. Get a written copy of the finished report.

The standard real estate contract is contingent upon inspections and in most cases the Seller(Non REO/Bank Owned property)will pay to have any work done and to have the Termite Company issue a clearance.  This inspection and work required is part of the negotiations that take place before an offer is accepted by all parties.  The REO/ Bank owned properties may supply an inspection report but in most case they will not do the repair work to get the clearance.  San Diego County has dry wood and subterranean termites that can severly damage your real estate and cost you alot of money.