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What is An Appraisal Contingency and How Can it Impact Your Homebuying Journey?

Redfin

One important concept that all homebuyers should be familiar with though is the appraisal contingency. In this guide, we will explore what an appraisal contingency is and how it can impact your homebuying journey. What is an appraisal contingency? How does an appraisal contingency work?

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Good News if You’re Buying a House—Wave Goodbye to Waiving a Home Inspection

Lighter Side of Real Estate

The most common ones are: Mortgage contingency: If the buyer’s mortgage isn’t approved, they can back out of the contract. Appraisal contingency: If the house doesn’t appraise for as much as the buyer is offering, they can cancel the contract. Waiving a home inspection isn’t ideal.

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Housing inventory nationwide rises for the first time in years

Housing Wire

The dip in competition often allows homebuyers to make less risky offers that avoid waiving protections like home inspections and appraisal contingencies. At the same time, homebuyers are facing less competition as home inventory starts to bump up slightly. year-over-year decline. drop from a year earlier.

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An inside look at local housing markets across the country

Housing Wire

Buyers “are waiving inspections, an appraisal contingency, and the latest trend is to pay closing costs usually done by the seller.” “It is like ten kids fighting over one ice cream cone. One kid will give $4 instead of $1. One kid will give their parent’s car.” Aubuchon says buyers are making too many concessions.

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How much cash matters in a bidding war

Housing Wire

And waiving the financing contingency is the second-most effective bidding-war strategy, Redfin officials said – improving homebuyers’ odds of winning by 66%. When that happens, sellers want to know buyers have the cash to cover the difference between the appraised value and the sale price.”

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20% of Winning Home Offers Waived the Inspection Contingency in June, Up From 13% Last Year

Redfin

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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What Is a Contingent Offer? What It Means When Buying a Home

Realtor.com

iStock A contingent offer means that an offer on a new home 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.