HomeLight

JANUARY 31, 2024

In real estate, when a house is listed as “ contingent ,” it means the sale of the property is conditional upon certain criteria being met. These conditions, or contingencies, are agreed upon by the buyer and seller during the negotiation phase. The most extended periods typically relate to mortgage and home sale contingencies.

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Windemere Selling

JANUARY 19, 2022

The closing process in a real estate transaction finalizes the terms of an agreement between the buyer and seller, leading to the transfer of the property’s title. Before a buyer can hold the keys to their new home, and before a seller can celebrate the sale of their property, closing costs must be paid.

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Realty Biz

MARCH 19, 2021

Homeowners who’re looking to secure a quick sale might want to take it upon themselves to do a pre-listing home inspection with the aim of speeding up the sales process. Pre-listing inspections are being advised by some real estate agents to help clients accelerate transactions and avoid last minute negotiations over repair costs. “If

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HomeLight

FEBRUARY 6, 2024

These conditions are put in place to protect both the buyer and the seller, ensuring that specific criteria are satisfied before the transaction proceeds to closing. Types of contingencies Several common types of contingencies can cause a home to be listed as “contingent.”

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HomeLight

SEPTEMBER 30, 2020

These properties are typically sold as-is, without the option to negotiate repairs, and as the buyer, you’re unlikely to get the seller and their lender to agree to cover your closing costs. If you’re interested in a short sale opportunity, get a better idea of what you’re in for and what closing costs you can get covered.

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Norada Real Estate

APRIL 15, 2023

The length of time a house can be under contract can vary, but understanding the contingencies and obligations during this period can help both parties prepare for a successful closing. Purpose of Under Contract The purpose of the under-contract period is to allow both parties to fulfill any contingencies and prepare for closing.

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HomeLight

OCTOBER 29, 2021

You still have to make it through the house closing process, where inspections , credit problems, or paperwork issues can trip you up. The closing process fills several weeks as you navigate through multiple steps to make it to the closing table. How long does the house closing process take?

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HomeLight

JULY 31, 2020

Closing on a house seems pretty straightforward. Once the buyer and seller sign the contract, the closing process begins — and therein lies the rub. While seamless closings are ideal for everyone involved, they almost never happen unless the buyer is paying cash on the home, and even then there can be a roadblock or two.

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HomeLight

NOVEMBER 1, 2021

Industry experts estimate that sellers can expect to pay anywhere from 6% to 10% of their home’s purchase price in closing costs when it’s time to sell. To top it off, buyers sometimes ask sellers to pitch in for their closing costs, too — another 2% to 3% of the sales price. Property inspections. Typical seller closing costs.

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HomeLight

DECEMBER 30, 2023

An appraisal contingency allows the buyer to either renegotiate their offer or freely walk away from the agreement if the appraisal comes in under the contracted offer price. Significant issues discovered can lead to renegotiations, repairs, or even contract termination without consequences for the buyer.

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HomeLight

AUGUST 25, 2020

home was on the market for an average of 24 days , with Ellie May estimating an average of 46 days to close on a purchase loan. That’s 70 days — or a little over two months — from listing to closing. Every house, every market, and every individual sale will vary in terms of days on market and closing timelines.

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HomeLight

APRIL 29, 2021

You’ll need to subtract your closing costs to determine how much money you’ll walk away with after the sale. So, what are closing costs in Delaware? In Delaware, sellers typically pay 6% to 10% of the home’s sale price in closing costs. Loan payoff includes the remaining principal and interest owed up until closing.

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HomeLight

DECEMBER 31, 2020

Not only will you need to be packing, cleaning, and getting the house ready for your buyer, there’s also a lot of waiting and hoping that all of the moving pieces fall into place and your home sale closes on time, if you make it to closing at all. Contingencies that fail to be met or lifted. The buyer’s financing with a lender.

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HomeLight

AUGUST 28, 2023

The majority of home contracts are contingent on the results of the inspection, with the inspection contingency only being waived on 20% of contracts in Q2 2023, according to HomeLight’s recent survey. Selecting a competent and knowledgeable home inspector can save you heartbreak and potentially a lot of money.

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Realty Biz

APRIL 20, 2022

Let’s look at the most common contingencies in an offer and what they mean to buyers and sellers. Common Contingencies Found in an Offer to Purchase. Home Inspection Contingency. One of the most common terms in an offer is the home inspection contingency clause. Closing Date.

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Purchase and sale agreement Home sale contingency Earnest money deposit Inspection contingency 111

HomeLight

JANUARY 3, 2024

It means the buyer and seller have agreed to the terms of the contract, such as the price, the closing date, the personal property, the earnest money, tax preparation, and contingencies.” “‘Under contract’ is more or less a meeting of the minds,” says Julie H. Kaczor , a top-selling agent from Illinois with 30 years of experience. “It

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Real Trends

APRIL 11, 2023

Agents, has the fluctuating market made it more difficult to close deals this past year? Closing cost incentives Closing cost incentives can include owner’s and lender’s fees, escrow or settlement fees, transfer taxes and government recording fees. You are certainly not alone. In some areas of the U.S.,

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Realty Biz

OCTOBER 12, 2021

Another big danger associated with maintenance costs is that it has become increasingly more common for buyers to waive the home inspection contingency to try and get their offer accepted. According to the NAR, 23% of buyers waived inspections in August. Lastly, buyers need to prepare themselves for closing costs.

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HomeLight

FEBRUARY 14, 2024

Receive your offer in as little as 24 hours and close in as few as 10 days. This option offers the simplicity and speed that traditional selling methods often lack, providing you with the opportunity to close in as few as 10 days and select a move-out date that works best for you. No showings, no repairs, no open houses.

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Realty Biz

MARCH 13, 2024

If waiving inspection contingencies, have the home pre-inspected so you enter informed on its condition. Consider keeping your finance contingency for your protection. Carefully review the inspection report results and get contractor estimates for any significant repairs needed.

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Realty Biz

DECEMBER 31, 2020

You must have your financing preapproved and be working with a lender that will close the deal quickly. Sellers will look at the price offer but they will also look to see whether one buyer has an easier path toward closing than the other competitive offers. You should think long and hard before waving the inspection contingency.

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RIS Media

MAY 19, 2021

However, this is just the start with many things to do before the status changes to “Closed.” ” There are other statuses in the MLS listings like “Pending,” “Contingent,” “Coming Soon” and “Expired.” Not all sales will have contingencies with them, but most will.

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HomeLight

SEPTEMBER 9, 2020

A contingency means that you’re willing to purchase the home contingent on certain details checking out. Though you won’t need a financing contingency, you should consider an inspection contingency and an appraisal contingency. Are you responsible for paying closing costs — or will the seller do that?

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Realtor.com

JANUARY 4, 2023

Inventory levels are still low, but there are more homes coming on the market; the bidding wars and mind-boggling offers over the asking price have died down; and buyers can once again insist on inspections, contingencies, and repairs before the deal closes. Watch: 5 Costs Buyers Should Prepare for During Closing.

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HomeLight

OCTOBER 30, 2020

As for whether you can sell a house as is without inspection — the answer is yes, it’s possible and does happen. And for sellers of distressed homes or inherited property, it can be an appropriate strategy to facilitate a streamlined closing. However, a buyer could still include an inspection contingency in the contract.

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Windemere Buying

APRIL 12, 2023

They will be by your side from day one, through closing and beyond. You’ll be working closely together throughout the process, so it’s important to identify someone who is compatible. Buyers will often include a home inspection contingency in their offer to allow for renegotiation or canceling the contract entirely.

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Realty Biz

JANUARY 9, 2024

Review Offers Carefully When considering an offer for a home, it is crucial to pay close attention to the essential contract terms, especially those related to contingencies. Contingencies are conditions that must be met for the sale to proceed, and they protect the buyer's interests.

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Realty Biz

MARCH 16, 2022

The second-most effective strategy was waiving the financing contingency, though it was a lot less so, as it only improved a buyer’s chances by 31%. Another tactic that helped in bidding wars was pre-inspection, which improved a buyer’s chances by 25%. So, in other words, it’s probably better not to make such an offer. “If

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Redfin

MARCH 30, 2021

All you want to do is move in, but first, you have a lot to schedule and arrange, and you’re wondering just how long it will take to close on your new home. Closing on a home typically takes 30-60 days, with several steps that need to be taken in order for a swift and smooth closing process. Plan ahead for the big picture.

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Realty Biz

SEPTEMBER 2, 2021

When you take closing costs, repairs, and other concessions to the buyer into account, a seller is actually looking at around 10 percent. In a real estate sale, it’s common for there to be contingencies – or conditions – that need to be met before the buyer will close the deal. Underestimating Costs.

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HomeLight

JUNE 29, 2021

Your sale is more likely to close and close faster with a cash offer than with an offer that hinges on a mortgage approval. Cash offers are more likely to close and close faster than those backed by a lender. Financing contingency. Appraisal contingency. Home inspection contingency.

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Inspection contingency Proof of funds Inspection Pre-approval 57

Realty Biz

JULY 7, 2021

It’s the preapproval letter that tells the seller that you’re serious about buying their home and highly likely to close the deal. One contingency that is almost always wise to include is a home inspection to be sure you aren’t buying a major problem that you aren’t aware of. Require a minimal home inspection.

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HomeLight

JULY 31, 2020

The inspection contingency : As a cash buyer, an inspection contingency is optional. However, inspections are still highly encouraged and only cost around $315 on average.). The sales contingency : A sales contingency means your current house must sell before you close on this new house.

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Dwell Real Estate

JUNE 24, 2021

A seller might entertain other offers after a refusal, but won’t deal with another buyer until the contingent offer is settled in one way or another. Home inspection contingency A home inspection contingency could well be the most important one for home buyers.

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Redfin

AUGUST 26, 2020

In case you’re thinking of waiving the home inspection contingency, you should also be aware that some lenders require a home inspection as a necessary step before they finalize your home loan. Home inspectors generally use a home inspection checklist to look for damage or other causes of concern. Local laws.

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HomeLight

NOVEMBER 29, 2021

You’ve found the house of your dreams, your offer has been accepted, and you’re ready and eager to reach the closing table. But first, you have to sell your old home, potentially secure financing, and secure a home appraisal (and likely an inspection) on your new house. How long is a contingency period? Inspection contingency.

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Purchase and sale agreement Home sale contingency Inspection contingency Earnest money deposit 91

HomeLight

SEPTEMBER 22, 2020

You’ve got an incredible opportunity to make the most of this deal, if only you can avoid tripping up before closing. The “best” component refers to all the other terms included in a contract that can be tweaked to sweeten the deal — such as waived contingencies , putting down more cash upfront , or offering a more flexible closing date.

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