We Specialize In These Alaska Area Communities

AnchorageEagle RiverFairbanks
Fort WainwrightJBERNorth PoleWasilla

Have a Question? Ask & We'll Answer It With A Video


Your question has been submitted and will be answered shortly.

Support Madden Real Estate in the Readers’ Choice Awards


Voting is now open for Fairbanks Daily News-Miner’s Readers’ Choice Awards.

Looking to buy in Alaska?  Get a full home search
 Looking to sell in Alaska? Get a free Home Price Evaluation

The Fairbanks Daily News-Miner is currently conducting voting for their Readers’ Choice Awards for the best businesses in the Fairbanks and North Pole area. Would you mind taking a minute out of your day to vote for our team? You can vote once per day up until July 13, and we appreciate each and every single vote. Just go to the professional services/business needs category, and then vote for us under “Real Estate Company” on the left-hand side of your screen. Everyone who votes is entered into a drawing to win $250 so make sure and vote for us every day until July 13. It’s a great way to support us and all the other local businesses that love serving you. If you have questions for us or there are any real estate needs we can assist with, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.

What Are the Most Common Contingency Clauses?


Here are the four most common contingency clauses.

Looking to buy in Alaska?  Get a full home search
 Looking to sell in Alaska? Get a free Home Price Evaluation

When you find the home you want to buy, the transaction starts with the purchase offer you make to the seller. If the seller accepts your offer, a contingency may be attached to it. Here are the most common contingencies in real estate contracts: 1. Chain of sale clause. This means your offer is based on whether or not you can successfully sell your current home within a certain time frame—usually 30, 60, or 90 days. If your home doesn't sell by the end of that period, the contract could end. If you’re buying a home in a down market, this clause might be more feasible. If you’re buying a home in a hot market (like the one we’re in now), it might make it harder for you to compete in a multiple-offer situation. 2. Appraisal contingency. This protects you as a buyer. It’s meant as a way to ensure your future property is valued at a specific minimum price. If the property doesn’t appraise for what’s specified, you can terminate the contract, and in many cases, get your earnest money back. 

Contingencies are an important way to protect your interests, but you need to be smart in how you use them.

3. Inspection contingency. It’s always recommended that you have a professional inspector inspect your future property before you buy it. An appraiser won’t look at the physical condition of the home; they’re just evaluating it on the lender’s behalf for underwriting purposes. An inspector, on the other hand, will check the mechanical systems, structural elements, etc., and identify anything that needs to be replaced or repaired. You might be able to use the items they find in their report as part of your negotiating strategy.


The contract might stipulate that any necessary repairs must be made by the seller, or you could renegotiate based on the inspector’s findings. In this market, you may consider not asking for any repairs in your contract to improve your offer. 4. Financing contingency (aka mortgage contingency). This gives you the time you need to obtain financing to purchase the home. If you can’t obtain financing within the time frame specified, you can terminate or extend the contract. Otherwise, the contingency is automatically waived and you have to buy the property without the loan. In those cases, you may not be able to get your earnest money back. Contingencies are an important way to protect your interests, but you need to be smart in how you use them. Including too many contingencies in your offer will cause it to be rejected. In a competitive market like this, sellers typically won’t want to deal with a laundry list of contingencies. If you can’t raise the price of your offer to make it competitive, you can eliminate contingencies. As always, if you have questions about this or any real estate topic, don’t hesitate to reach out to us. We’re happy to help.

We Have Your Complimentary Tickets to the Alaska Home Show


Here’s the latest info on the IABA Home Show/ Fairbanks Outdoor Show.

Looking to buy in Alaska?  Get a full home search
 Looking to sell in Alaska? Get a free Home Price Evaluation

In case you haven’t heard already, we wanted to let you know that the IABA Home Show/ Fairbanks Outdoor Show will be held from May 14-16 at the Tanana Valley State Fairgrounds. We have 200 day passes that we’re giving out to friends like you. If you’ve never been, we’d love to give you a ticket to go. We’ll be there to answer any questions you have. Come on down to our office and pick your tickets up ASAP or give us a call so we know to set one aside for you. If you have any questions, don't hesitate to reach out via phone or email. I look forward to hearing from you soon.