RIS Media

APRIL 8, 2022

While financing may be pre-approved, the process is complex. The lending institution can also stop the transaction. . If you put an offer on a property marked contingent, you could be the next buyer should the current contract fall through. You’ll want to make a backup offer to put yourself in the game.

Debt-to-income ratio 144

Debt-to-income ratio Title search Backup offer Home sale contingency 144

HomeLight

NOVEMBER 1, 2021

The appraisal helps ensure that the mortgage company doesn’t lend more than the property is worth. In a hot market, the seller’s agent may have backup offers and eager buyers waiting in the wings to snatch up the home. Mortgage companies require an appraisal to determine the value of a home. This works in the seller’s interest.

Purchase and sale agreement 109

Purchase and sale agreement Proof of funds Backup offer Finance 109

HomeLight

JUNE 9, 2023

average % of contracts with an inspection contingency: 80% Appraisal contingency It’s standard for lenders to require a home appraisal to ensure they aren’t lending more than the property’s fair market value. With an appraisal contingency , your home must appraise for an equal or higher value than the buyer’s offer for the sale to close.

Home sale contingency 145

Home sale contingency Inspection contingency Purchase and sale agreement Inspection 145