Redfin

JULY 28, 2020

markets waived the inspection contingency, compared with just 13.2% Winning offers waived the appraisal contingency at a similar rate—20.6%—up The inspection contingency allows the buyer to cancel a purchase or request repairs if they find an issue during the inspection period. In June, 19.9%

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HomeLight

JANUARY 3, 2024

Sometimes you come across a home for sale that checks off every box on your list, but the listing status says that it’s “under contract” or “sale pending.” In most cases, there are contingencies in the buyer’s offer that need to be cleared before the transaction is moved to the more solid “sale pending” status.

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Norada Real Estate

APRIL 15, 2023

The length of time a house can be under contract can vary, but understanding the contingencies and obligations during this period can help both parties prepare for a successful closing. Purpose of Under Contract The purpose of the under-contract period is to allow both parties to fulfill any contingencies and prepare for closing.

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Realty Biz

NOVEMBER 11, 2020

The Definition of Contingent. Do you know what contingent means when either buying or selling a home? When you begin an online search for a home, you may find some sale statuses you don’t fully understand. For example, if a home sale is contingent or pending, can you still make an offer? If not, you should!

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Realty Biz

FEBRUARY 20, 2021

Contingencies in Real Estate Explained. Do you know what a real estate contingency is and how it works? Real Estate contingencies are when some defined action or outcome must occur before a contract becomes legal and binding. Home Buying Contingencies Explained. What Are The Most Common Real Estate Contingencies.

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HomeLight

MARCH 31, 2022

But one of the most influential bargaining tools is eliminating contingency clauses, especially the seller contingency clause, also known as the home sale contingency. Eliminating this important contingency can be tricky, but it may be the only way to get your offer accepted in a competitive market.

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RIS Media

AUGUST 31, 2021

NAR’s Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, showed a 1.8% According to the report, 27% of buyers bypassed appraisal and inspection contingencies in July. The post NAR: Cooldown Persists as July Pending Home Sales Dip 1.8% MoM — Now 92.0

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Realty Biz

APRIL 20, 2022

Let’s look at the most common contingencies in an offer and what they mean to buyers and sellers. Common Contingencies Found in an Offer to Purchase. Home Inspection Contingency. One of the most common terms in an offer is the home inspection contingency clause. Home Sale Contingency.

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HomeLight

NOVEMBER 29, 2021

But first, you have to sell your old home, potentially secure financing, and secure a home appraisal (and likely an inspection) on your new house. Most purchase agreements have some terms in place that must be met for the deal to go through, such as having a home inspection completed. Do contingencies benefit homebuyers?

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Realty Biz

JANUARY 9, 2024

From preparing your home for sale to negotiating offers, these tips will ensure a successful sale. Sometimes it stops their sale dead in its tracks until the errors are corrected. Understand the current market conditions, including recent sales, average time on the market, and pricing trends.

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Real Trends

DECEMBER 27, 2022

How often does a pending home sale fall through? A pending sale may be referred to as “under contract” by some real estate agents. A sale is considered pending until the seller formally accepts an offer from a buyer. It should be reassuring for all real estate agents that not many home sales fall through.

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Realty Biz

NOVEMBER 10, 2021

Is Buying a Contingent Home Possible? It can take a long time to find your perfect home, but just when you think your search is over, you might discover that it is listed as a contingent house. So can you still offer on a contingent home, or have you missed the chance to buy your perfect property? Home Inspection Discoveries.

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Point2Homes

DECEMBER 8, 2020

When searching for the ideal home, expect to encounter a few issues along the way, such as homes listed as contingent. But, what does contingent mean and how does it affect your purchase? A home listed as contingent means the seller has accepted an offer. How is Contingent Different from Pending? Contingent Statuses.

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Realty Biz

AUGUST 22, 2022

I didn’t even include an inspection contingency. In a few short weeks, the market has gotten much softer in this neighborhood and I’m not even sure the house will appraise for my purchase offer. It does sound like the appraisal is key to answering that question. I’ll get into some common contingencies in a moment.

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RIS Media

MAY 19, 2021

.” There are other statuses in the MLS listings like “Pending,” “Contingent,” “Coming Soon” and “Expired.” ” What do they mean and how will they affect your home sale? One of the most confusing things for buyers and sellers to understand is what contingent means vs. pending.

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HomeLight

DECEMBER 31, 2020

You can put so much effort into prepping your house for sale that you forget what happens after you receive an offer. Putting your John Hancock on a home sale contract might feel like the completion of a major financial deal, but it’s actually just the beginning of the home sale process. What does “sale pending” mean?

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Windemere Selling

MARCH 14, 2022

Contingencies help to spell out the specifics of a real estate transaction by dictating what must happen so the contract becomes legally binding. If certain conditions aren’t met, the applicable contingency gives the buyer and the seller the right to back out of the contract per their agreed-upon terms.

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Redfin

JANUARY 26, 2022

One of these important pieces of paperwork is a purchase and sale agreement. . To help you navigate this document, we’ll go over what a purchase and sale agreement is, what makes up the agreement, and what happens after the agreement is signed. What is a purchase and sale agreement? Who drafts the purchase and sale agreement? .

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RIS Media

APRIL 12, 2021

A standard home purchase agreement typically includes contingencies. If the contingency terms are not met, the contract is no longer enforceable and one party may even back out of the deal. Types of Contingencies . Purchase contracts typically include an appraisal contingency. Contingency Timeframes May Vary.

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HomeLight

JUNE 29, 2021

Your sale is more likely to close and close faster with a cash offer than with an offer that hinges on a mortgage approval. While all-cash offers used to be relatively rare, they now make up 25% of all home sales. Investors are responsible for 20% of residential real estate sales in the U.S. Financing contingency.

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Realty Biz

JULY 7, 2021

If the appraisal doesn’t support the higher offer, you can probably still get the mortgage you are preapproved for, but you’ll need to pay cash for the difference between the appraised value and what you offered above the appraised value. Minimal or no contingency clauses. Require a minimal home inspection.

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Dwell Real Estate

JUNE 24, 2021

A contingent offer means that an offer on a property has been made and the seller has accepted it, but that the final sale is contingent upon certain criteria that have to be met. Home inspection contingency A home inspection contingency could well be the most important one for home buyers.

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Windemere Buying

AUGUST 31, 2022

Contingencies protect buyers and sellers against these natural characteristics of the home buying process and any problems that may arise before a home sale is finalized. Making a Contingent Offer on a Home. Buyers are responsible for securing financing , having the home inspected, and getting the property appraised.

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Dwell Real Estate

JUNE 24, 2021

A contingent offer means that an offer on a property has been made and the seller has accepted it, but that the final sale is contingent upon certain criteria that have to be met. A seller might entertain other offers after a refusal, but won’t deal with another buyer until the contingent offer is settled in one way or another.

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Redfin

JANUARY 25, 2021

Before you do, take time to consider all the potential risks and home-buying contingencies that will help protect you as a buyer. Though you can technically add any contingency you want to an offer, here are the 9 most common homebuying contingencies to consider. 1) Home inspection contingency.

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Realty Biz

AUGUST 2, 2023

Additionally, understanding the closing process and utilizing additional resources and tools can streamline the sale. Setting the Right Price for a Quick Sale When selling your home quickly, one of the most critical factors is setting the right price. Overcoming common challenges is also vital.

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HomeLight

FEBRUARY 14, 2024

Sell Your Raleigh House Fast With an All-Cash Offer Get an all-cash, no-obligation offer on your Boston home through HomeLight’s Simple Sale platform whenever you’re ready. Divorce: Going through a divorce can necessitate a fast sale of your property to divide assets fairly and start a new chapter.

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HomeLight

SEPTEMBER 9, 2020

When you make your cash offer, consider including contract contingencies to protect yourself in the deal. A contingency means that you’re willing to purchase the home contingent on certain details checking out. The settlement agent will hold onto the earnest money until the sale is finalized. Get an inspection.

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Realty Biz

MARCH 13, 2024

Making Competitive Offers Offering above the asking price and waiving contingencies like financing and inspections have become common tactics for winning in bidding wars. Remember that appraisals align with market value, not simply what you offer, which could jeopardize financing. Don’t get emotionally swept up and overpay.

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Point2Homes

OCTOBER 6, 2021

For example, the sale could be delayed due to the buyers’ request for inspections and appraisals. Protect Yourself with a Contingency Clause. This contractual clause allows you to back away from a sale if the requirements you and the seller negotiated are not met. Be a Tech-savvy Buyer.

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HomeLight

JULY 31, 2020

To be clear, an all-cash offer means you won’t be getting a mortgage loan for any portion of the sale. This is important: if your real estate agent puts in an all-cash offer on your behalf, they will not include a financing contingency. The seller makes decisions based on the terms of your offer, including contingencies.

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Realty Biz

DECEMBER 31, 2020

In a nutshell, low-interest rates and slowing of the pandemic will bring more buyers to the marketplace but there will still not be enough houses for sale. Not common, but what some buyers are beginning to do is waive appraisal and inspection contingencies to make their offers more attractive to home sellers.

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HomeLight

JANUARY 3, 2023

Year-over-year, monthly sales in the Phoenix metro area were down nearly 25%. Often, the decision to go for sale by owner (or, “FSBO”) is motivated by a desire to save on agent commissions. Once you’ve seen what’s required, you can roll up your sleeves and get started with your FSBO sale in Colorado.

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Point2Homes

SEPTEMBER 30, 2021

Restrictive Contingency Clauses. Real estate transactions often feature contingency clauses that allow both parties to back out of the sale under the circumstances stipulated in the contract. One common type you’ll encounter is a sale and settlement contingency. If not, the deal falls through. Cash Purchases.

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HomeLight

APRIL 28, 2023

When the time comes to move, some tenacious homeowners in Texas are eager to take over the reins of their home sale and figure out how to sell a house by owner. Often, the decision to go for sale by owner (or “FSBO”) is motivated by a desire to save on agent commissions. That 6% is deducted from the seller’s proceeds at closing.

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HomeLight

SEPTEMBER 30, 2020

If a homeowner falls behind on their mortgage payments, a short sale is one potential way of correcting course. That being said, the home purchase process is a lot more complicated and drawn out with a short sale because it all hinges on the oversight and approval of a third party: the mortgage lender. Short sales 101.

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Redfin

AUGUST 26, 2020

In case you’re thinking of waiving the home inspection contingency, you should also be aware that some lenders require a home inspection as a necessary step before they finalize your home loan. Home inspectors generally use a home inspection checklist to look for damage or other causes of concern.

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