HomeLight
JANUARY 31, 2024
You can then make a strong offer on your next home with no home sale contingency. Learn More What does contingent mean? In real estate, when a house is listed as “ contingent ,” it means the sale of the property is conditional upon certain criteria being met. How long can a house be contingent?
Redfin
SEPTEMBER 2, 2020
If that’s the case, the bank could reject your mortgage. However, when it’s a seller’s market , with more homebuyers looking to buy than available houses listed for sale, this creates a perfect storm for multiple offers and a bidding war on a property. Hold firm to your budget and walk away if necessary.
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HomeLight
AUGUST 31, 2021
Ever since the 2008-2009 recession, cash offers have become more prevalent, accounting for 33% of sales as of 2021 — that’s up from 20% in 2019. 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. Updated August 31, 2021.
HomeLight
JANUARY 13, 2022
These conditions are known as contingencies, which is where the term “active contingent” comes from. Many offers contain contingencies. In May 2020, 76% of closed sales contained purchase contingencies, a survey from the National Association of Realtors® (NAR) found. Common types of 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. Only include essential contingencies. Speaking of contingencies, Peterson says the fewer, the better.
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