Are you wondering which contingencies you should include when you write an offer on a Bolingbrook home? You want to win the house, but you also want protection from surprises like financing hiccups, repair issues, or title problems. In this guide, you’ll learn how common contingencies work, typical timelines in Will County, and local checks you should run before you commit. Let’s dive in.
Contingencies in Bolingbrook, explained
A contingency is a condition in your purchase contract that must be met before you are obligated to close. Each contingency has a deadline and clear next steps if the condition is not satisfied. Within the contingency period, you usually can negotiate, ask for more time, or cancel and keep your earnest money. If you miss a deadline, you risk proceeding without that protection and may forfeit your earnest money if you later refuse to close.
Core buyer protections
Financing contingency
A financing contingency protects you if you cannot obtain your loan on the terms in your contract. You typically set the loan type, down payment, maximum interest rate, and a deadline. In the Chicago suburbs, timelines of about 21 to 30 days are common. Waiving this contingency can put your earnest money at risk if your loan is denied.
Appraisal contingency
An appraisal contingency helps if the appraisal comes in below the contract price. You can request a price reduction, ask for a credit, pay the difference, or terminate within the agreed period. Appraisals are often scheduled within 7 to 14 days of the loan application. Make sure your contract spells out what happens if the appraisal is low.
Home inspection contingency
An inspection contingency lets you hire a licensed inspector and decide how to proceed based on findings. Most buyers choose a 5 to 10 business day window after contract acceptance. In Bolingbrook, it is wise to include radon testing and, for older homes, consider lead-based paint risk. Your contingency should specify if you can request repairs, ask for a closing credit, or cancel if you are not satisfied.
Title and survey contingency
This contingency gives you time to review the title commitment and the survey to confirm clear ownership and accurate boundaries. Typical review windows are 7 to 21 days after the seller provides the title commitment. In Will County, pay attention to easements, liens, and any municipal violations. You can request that the seller clear defects or you can terminate if issues are not resolved.
HOA and condo documents
If the property is in a homeowners association or a condominium, you should review the bylaws, rules, insurance, financials, and meeting minutes. A common timeline is 5 to 14 days after the seller delivers the documents. Watch for transfer fees, pending or special assessments, and rules that affect your use of the home. If the documents reveal unacceptable conditions, you can cancel within the period.
Seller disclosures in Illinois
Illinois law requires sellers in most residential sales to provide disclosure forms about known material defects and environmental issues. Federal law requires lead-based paint disclosures for homes built before 1978. Build in a deadline to review these disclosures early. If the disclosures reveal a problem, you may be able to object or terminate within the contingency period.
Insurance eligibility
An insurance contingency lets you confirm you can obtain homeowners insurance, and flood insurance if required. Buyers often use a 7 to 14 day window. If the home is in a mapped flood zone or has prior claims, premiums may be higher or coverage may be limited. Confirm insurability and cost before you waive this protection.
Sale of your current home
A sale contingency makes your purchase dependent on selling your current property. This can weaken your offer, so keep the timeline tight and provide proof of listing or an accepted contract. Some buyers consider bridge financing or a home equity line as alternatives. If you use this contingency, be prepared for strict deadlines set by the seller.
Environmental and municipal checks
Most Bolingbrook homes use municipal water and sewer, so well and septic contingencies are less common within the village. For rural parcels in Will County, include them as needed. It is also smart to confirm permits for recent work with the Village of Bolingbrook and to check for open permits or code issues. Consider pest or termite inspections, a sewer scope for older lines, and radon testing.
Typical timeline in Will County
Here is a common sequence you can tailor to your lender and the property:
- Earnest money deposited: at contract acceptance.
- Inspection period: 5 to 10 business days after acceptance.
- Financing contingency: about 21 to 30 days from acceptance.
- Appraisal scheduling: usually within 7 to 14 days of your loan application.
- Title commitment and survey review: about 7 to 21 days after documents are furnished.
- HOA or condo documents: 5 to 14 days after seller provides the packet.
All timelines are negotiable. Coordinate with your lender, inspector, attorney, and title company so your dates are realistic.
Strong offer vs protection
Market conditions affect how much room you have for protections. In competitive moments, sellers may prefer shorter timelines and fewer contingencies. Instead of waiving key protections, consider tightening your timelines, increasing earnest money, or clarifying remedies.
Ways to strengthen while staying safe:
- Keep inspection at the shorter end of the window and schedule your inspector right away.
- Specify clear remedies for a low appraisal, such as a price reduction or a set contribution.
- Provide a firm loan preapproval and match your financing timeline to your lender’s commitment schedule.
- Offer flexibility on closing date to meet the seller’s needs.
Local checks that matter
Bolingbrook and Will County have specific records and processes that can affect your purchase. Build these checks into your contingency plan.
- Will County property records: Review the title commitment for liens, past judgments, easements, and confirm the legal description.
- Flood and stormwater: Check flood zone status. High-risk zones may require flood insurance and can affect loan approval and monthly costs.
- Permits and code: Verify permits for additions, decks, pools, and other major work with the Village of Bolingbrook. Open permits or violations can delay closing.
- HOA details: Request the full HOA packet, including financial statements and minutes, and confirm transfer fees and any pending or special assessments.
- Environmental considerations: Radon is common in parts of the Midwest, and older homes may implicate lead-based paint rules. Include relevant tests in your inspection scope.
Drafting smart contingency terms
Clear, specific language reduces disputes and saves time.
- List the inspections you plan to perform, such as general home, radon, pest, sewer scope, roof, HVAC, and chimney.
- Clarify your remedies. State if you can request repairs, credits, a price change, or terminate.
- State who orders and pays for each inspection. Buyers typically pay for inspections, and sellers usually clear title defects.
- For financing and appraisal, define what happens if the appraisal is short. You can set options for price reductions, buyer coverage of a gap, or a split.
- Use written addenda for any changes. Do not rely on informal messages to shorten, extend, or remove contingencies.
If a contingency triggers
When a contingency uncovers an issue or a deadline approaches without resolution, you have options.
- Negotiate. Ask for repairs or a credit. The seller can accept, reject, or counter.
- Request an extension. If both parties agree, you can extend a deadline to allow more time.
- Terminate within the period. If you end the contract under a valid contingency within the deadline, your earnest money is usually returned.
- Waive the contingency. You can proceed without that protection, but you take on the risk of the issue.
Always act before the deadline. If you miss it and later refuse to close, the seller may have the right to keep your earnest money under the contract.
Pre-offer checklist
Use this quick checklist to prepare a safer, stronger offer.
- Get a firm mortgage preapproval from a lender, not just a prequalification.
- Choose your core contingencies: financing, inspection, appraisal, title and survey, and HOA documents if applicable.
- Set realistic timelines with your lender, inspector, attorney, and title company.
- Decide on specific tests such as radon, pest, and sewer scope based on the home’s age and condition.
- Review seller disclosures as soon as possible and note any follow-up questions.
- Ask for a sample insurance quote early, especially if the property may be in a flood zone.
- Prepare proof of funds for your down payment and closing costs.
- If you need to sell first, line up your listing plan and consider alternatives such as bridge financing with your lender.
Ready to buy in Bolingbrook?
You can compete and protect yourself at the same time. With the right plan, tight timelines, and clear contingency terms, you will move from offer to closing with confidence. If you want help tailoring the right strategy for a specific home or subdivision, connect with a local expert who negotiates these details every day.
Have questions about your next step or want a second look at your offer terms? Reach out to Angela Walker for a personalized plan that fits your goals and timeline.
FAQs
What contingencies are essential for Bolingbrook buyers?
- Most buyers rely on financing, inspection, appraisal, title and survey, and HOA or condo document review when relevant.
How long should I give for inspections in Will County?
- A common window is 5 to 10 business days after contract acceptance, with radon and other add-on tests scheduled within that period.
What if my appraisal comes in low in Bolingbrook?
- You can request a price reduction, ask for a seller credit, pay the difference, or terminate if your appraisal contingency allows it and you act before the deadline.
What happens to my earnest money if I cancel under a contingency?
- If you cancel within a valid contingency period as allowed by the contract, your earnest money is usually returned, subject to local closing practices and contract terms.
Should I waive the home inspection to win a home?
- You can, but it raises risk; a safer approach is to keep the inspection and shorten the timeline or narrow your requests to safety or major systems only.
Do I need specialized tests like radon or a sewer scope?
- Radon testing is commonly recommended in the Midwest, and a sewer scope can be useful for older lines or if backups are suspected; include these in your inspection scope if relevant.
