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How Long Can a House Be Contingent?

HomeLight

Mortgage or financing contingency: This loan contingency stipulates that the buyer must secure financing from a bank or other financial institution. How long can a house be contingent? If the appraisal comes in lower, it opens the door for renegotiation or allows the buyer to cancel the contract.

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11 Tips to Win a Bidding War on a House

Redfin

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. Hold firm to your budget and walk away if necessary. 4) Increase your offer.

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What’s the Deal with Making a Cash Offer on a House?

HomeLight

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.

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What Buyers Need to Know About Making an Offer on Active Contingent Listings

HomeLight

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. Financing contingencies may also be called loan contingencies. Bank or court approvals. These types of contingencies cannot be waived.

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Use These 8 Strategies to Get Yourself a Home in 2022’s Real Estate Market

HomeLight

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. Only include essential contingencies. Speaking of contingencies, Peterson says the fewer, the better.