RIS Media
APRIL 8, 2022
Real Estate appraisals are usually completed when homes are bought via mortgage loans. Some contingent offers are subject to a home buyer being able to sell their current home to be able to finance the new one. Most homebuyers can’t afford to carry two mortgages simultaneously. The title search reveals issues.
Realty Biz
NOVEMBER 11, 2020
The Mortgage Financing Contingency. Even if the buyer has pre-approval for a mortgage, things can still go wrong when they apply for the loan. Issues like these could lead to a buyer not getting the mortgage they expect. The document provided to the buyer at closing is what’s referred to as a mortgage plot plan.
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HomeLight
DECEMBER 31, 2020
Line up backup offers to hedge your risk. This creates the perfect opportunity for sellers to line up a backup offer from another buyer that only comes into effect if the original pending sale falls through. There’s title work, which takes anywhere from two to five weeks. Source: (KomootP / ShutterStock).
Windemere Buying
JUNE 22, 2022
It means the seller has accepted an offer and there’s a good chance the deal will go through, but because the sale is not yet final, the property is technically not off the table. Other interested buyers will make backup offers in case the first offer falls through.
HomeLight
JANUARY 13, 2022
In other words, the primary deal on an active contingent listing might (maybe) fall through, causing sellers to place their home back on the market — or accept a backup offer. “I You’ll likely need this type of contingency even if you’ve been preapproved for a mortgage as that process does not guarantee that you’ll get a loan.
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