HomeLight

JANUARY 12, 2024

If you’ve been shopping for a home, you’ve likely come across the term “loan contingency,” and you may be considering including this clause in your purchase offer. Or perhaps you’ve already made a loan-contingent offer, and you’re wondering about contingency removal. What is a loan contingency?

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HomeLight

DECEMBER 12, 2023

This is where a mortgage contingency can save the day. A mortgage contingency protects you in such situations, ensuring that you’re not left holding an empty bag if the financing falls through. Setting the terms: When you make an offer on a home and include a mortgage contingency, you specify the terms.

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HomeLight

JANUARY 31, 2024

Contingencies are designed to protect both parties involved, allowing the buyer to back out of the purchase without penalty under specific circumstances, such as issues discovered during a home inspection or difficulties obtaining financing.

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Realty Biz

MARCH 29, 2023

This is someone who wants to buy a property with an all-cash bid, eliminating the need for a mortgage or other financing solution. For example, there's no need for a loan contingency (mortgage contingency). With a standard purchase, this allows a buyer to back out of a sale if they can't obtain a loan.

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HomeLight

SEPTEMBER 18, 2024

Platforms like HomeLight’s Simple Sale help Boise homeowners connect with vetted cash buyers, making it easy to sell your home quickly without the usual hassles of staging, showing, home inspections, and financing. Once you accept, you can close the sale swiftly, as there are no inspections or loan contingencies to hold up the process.

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HomeLight

APRIL 25, 2022

What helped us was being able to waive our appraisal and being able to waive our loan contingency thanks to the online approval process.”. Ultimately, the Johnsons’ lack of contingencies — neither sales nor financing — beat out the competition and won them their happy home.

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Realtor.com

NOVEMBER 28, 2022

It can also get you a deal since all-cash offers typically result in a 3% to 4% discount over a financed offer, Hardy notes. That said, you should not feel the need to funnel all your proceeds into an all-cash offer if that makes you uncomfortable or stretches your finances too thin.

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