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. How long can a house be contingent?
HomeLight
AUGUST 31, 2021
A cash offer simply means that a buyer already has the funds available to buy the house and can pay for it without securing a mortgage loan. 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. There’s no financing contingency.
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Redfin
SEPTEMBER 2, 2020
If that’s the case, the bank could reject your mortgage. 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. If you want to come out on top in a bidding war, you should eliminate as many contingencies as possible.
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.
HomeLight
MARCH 23, 2022
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. Preapproval. Preapproval is the next step toward securing a mortgage. Lead with your highest bid.
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