Bigger Pockets

OCTOBER 21, 2022

Whether someone comes in low or high, the prospect of a smooth closing without any loan contingencies is often more than […]. A cash offer almost always gets a seller’s attention.

Loan contingency 82

Loan contingency Loans Closing 82

HomeLight

JANUARY 31, 2024

Appraisal contingency: This ensures that the property must be appraised at a value equal to or higher than the sale price. If the appraisal comes in lower, it opens the door for renegotiation or allows the buyer to cancel the contract. Appraisal contingency: The appraisal contingency period often ranges from 7 to 20 days.

Purchase and sale agreement 98

Purchase and sale agreement Inspection contingency Home sale contingency Inspection 98

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.

Loan contingency 82

Loan contingency Agents Sales Finance 82

HomeLight

AUGUST 31, 2021

The lender usually also requires additional contingencies before they’ll approve the loan, such as an appraisal contingency to make sure the home is worth the amount they are loaning you to buy it, and an inspection contingency to see if there are any potential problems. There’s no financing contingency.

Due diligence 76

Due diligence Inspection Pre-approval Pre-qualification 76

Redfin

SEPTEMBER 2, 2020

If you have been pre-approved for a specific amount, the house may not appraise for a higher price bidding wars often get to. A cash offer eliminates the need for an appraisal and bank approval for a loan, contingencies most homebuyers are required to include in an offer. 4) Increase your offer.

Pre-approval 77

Pre-approval Loan contingency Agents Banks 77

HomeLight

JANUARY 13, 2022

If a contingency isn’t met, then buyers can back out of a deal without any repercussions and they can get their earnest money back. Common contingencies include issues with appraisals, home inspections, or the buyer’s home sale. How is an active contingent listing different from a pending listing? Appraisal contingencies.

Backup offer 75

Backup offer Inspection contingency Purchase and sale agreement Home sale contingency 75

HomeLight

AUGUST 23, 2022

These are standards related to the overall condition of a property which will play a role in the willingness and/or ability of a lender to finance a buyer’s loan. Before properties can be financed, their value and condition is typically examined by a state-licensed, independent appraiser contracted by the buyer’s mortgage company.

As-is 93

As-is Investor Closing costs Inspection 93