HomeLight

JANUARY 31, 2024

Contingencies are designed to protect both parties involved, allowing the buyer to back out of the purchase without penalty under specific circumstances, such as issues discovered during a home inspection or difficulties obtaining financing.

Purchase and sale agreement 100

Purchase and sale agreement Inspection contingency Home sale contingency Inspection 100

HomeLight

AUGUST 31, 2021

From the seller’s point of view, it doesn’t make much difference whether the cash comes from the buyer’s personal bank account or from a mortgage loan. The associated contingencies , which come with additional risks for the seller, are where you’ll find most key distinctions between a cash offer and an offer backed by a mortgage loan.

Due diligence 77

Due diligence Inspection Pre-approval Pre-qualification 77

HomeLight

JANUARY 13, 2022

Financing contingencies. Buyers who purchase their homes using a mortgage typically use financing contingencies , which give them time to apply for and receive the loan needed for the deal to go through. And if you can’t get financed for the house, you won’t still be obligated to buy it — a big benefit!

Backup offer 77

Backup offer Inspection contingency Purchase and sale agreement Home sale contingency 77

HomeLight

MARCH 23, 2022

Once you decide to buy a home, looking into your financing options should be one of the first steps. In the preapproval process, you’ll usually submit documentation of your financial details, which can include bank statements, W-2s, a credit check, two years of tax returns, verification of your down payment funds, and more.

Pre-approval 95

Pre-approval Marketing Inspection Finance 95