Redfin

MARCH 4, 2025

A mortgage pre-approval can also reassure the letter that your financing is likely to be approved during closing. If you want to inspect for lead, oil, or other specific issues, consider looking into these as part of a general inspection contingency, rather than including separate contingencies for each one.

Pre-approval

Redfin

JUNE 23, 2025

This timeframe grants the buyer permission to thoroughly inspect the property. It’s a crucial period to verify the property’s condition, ensure it meets expectations, and meet any financing requirements set by the lender. What happens in the due diligence period?

Due diligence

Redfin

JULY 10, 2025

Whether earnest money is refundable depends on the contingencies in the purchase agreement. If the contract is canceled due to issues like a failed inspection or financing problems, the buyer typically gets the money back. However, if the buyer backs out for reasons not covered by a contingency, the seller may keep the funds.

Due diligence

Redfin

JULY 16, 2025

Under contract stage: Once under contract , the primary buyer is locked in unless contingencies fail. These contingencies could include financing, inspection results, or the sale of the buyer’s existing home, giving them a legal “out” if certain conditions aren’t met. financing, inspections).

Backup offer

Rochester Real Estate

NOVEMBER 5, 2015

If you made an offer and then found there were significant structural problems, you would be in trouble without a home inspection contingency. Financing Even if you are preapproved for a mortgage when you make an offer, you could still have problems getting a loan from your lender when you need it.

Earnest money deposit

The Close

MARCH 11, 2025

This process involves multiple stages, starting with identifying an FSBO listing to securing appropriate financing and completing the closing procedures. Various financing options exist for FSBO properties, like traditional mortgages, hard money loans, and private investors. For options, check our recommended hard money lenders.

Sales

Redfin

JUNE 27, 2025

But stretching your finances too thin can lead to years of stress, missed payments, or even having to sell before you’re ready. If major repairs are needed, you may be able to use the inspection report to negotiate repairs or a lower purchase price.

Pre-approval

Redfin

MARCH 18, 2025

You back out due to a contingency you get your earnest money back Most purchase agreements include contingencies that allow you to cancel the deal without penalty. Inspection contingency: If the home inspection reveals serious issues and you decide to walk away (within the agreed timeframe), you can get your money back.

Closing

Redfin

MARCH 4, 2025

From finding houses to tour and what financing options you have, theres a lot to learn about buying a home in foreclosure. If the auction accepts financing, make sure you have a pre-approval ready. If a bank or lender is not willing to finance your foreclosure purchase, there are a few other ways you may be able to obtain financing.

Pre-approval

Redfin

JULY 9, 2025

It’s also a good time to check your finances. Decide on important terms like earnest money deposits, contingencies (inspection, financing), and closing dates that can make your offer stand out. Make sure you’ve paid down your credit cards and that your credit score is in good shape. If not, you may forfeit it.

Pre-approval

Redfin

JUNE 17, 2025

Here are a few of the different types of contingencies you make come across: Home inspection contingency: Allows the buyer to back out of a purchase contract if the home inspection reveals major issues with the property. A lender requires an appraisal before agreeing to provide mortgage financing.

Inspection contingency

Redfin

JUNE 17, 2025

The steps of the due diligence period can include any of the following: Home inspection Pest inspection Appraisal Negotiation of closing costs Title search and title insurance Renegotiations (if applicable due to home inspection) During this period before settlement, the buyer and seller are able to continue negotiations.

Closing

Redfin

JULY 21, 2025

If you’re having doubts, want to reassess your finances, or simply change your mind, doing so before any paperwork is signed allows for a clean exit without risking earnest money or triggering legal consequences. Common contingencies include: Financing contingency: Protects buyers if they can’t secure a mortgage loan.

Earnest money deposit

Redfin

JULY 11, 2025

Buyer is unable to secure financing A financing or mortgage contingency protects buyers if they’re unable to get approved for a home loan. Buyer misses a deadline Contingencies only apply within specified time frames. However, doing so limits their ability to cancel the contract without penalty.

Earnest money deposit

Rochester Real Estate

NOVEMBER 5, 2015

Are your finances ready to buy a home, or will you be better off renting for a few more years? If major issues are highlighted in the inspection report, you can negotiate with the seller over repairs, or they could credit you. If you have an inspection contingency, you can back out of your purchase if serious problems are found.

Purchase and sale agreement

Rochester Real Estate

NOVEMBER 5, 2015

They can be expensive to take care of, putting a huge hit on your finances. There are many reasons to have a home inspection when buying a house. When a home seller gets an offer that doesn’t have a home inspection contingency to complete the sale, they often jump on it.

Inspection

HomeLight

FEBRUARY 20, 2025

As of December 2024, 18% of buyers waived the appraisal contingency , with other buyers waiving, for example, inspection contingencies to likewise make their offers more enticing to sellers. The appraisal contingency is there to protect the buyer in case of any issues surrounding your appraisal.

Inspection contingency

Rochester Real Estate

NOVEMBER 5, 2015

Depending on what type of financing the potential purchaser is obtaining, the option to receive seller concessions may or may not exist. If a home buyer is obtaining financing from bank, the bank will complete an appraisal. In most cases, inspections are at the expense of the buyer. What are seller concessions?

Purchase and sale agreement

Housing Wire

SEPTEMBER 9, 2024

Like with the amount of earnest money deposit or including an inspection contingency, the amount the buyer is asking the seller to pay her agent is a term that impacts the strength of the offer,” Redfin chief economist Daryl Fairweather said in a statement.

Earnest money deposit

Keeping Current Matters

NOVEMBER 30, 2020

Understand Your Finances. There are, however, certain contingencies you don’t want to forego. Freddie Mac explains: “ Resist the temptation to waive the inspection contingency, especially in a hot market or if the home is being sold ‘as-is’, which means the seller won’t pay for repairs. Bottom Line.

Inspection contingency

Keeping Current Matters

MARCH 15, 2021

Understand Your Finances. Freddie Mac explains that there are, however, certain contingencies you don’t want to forego: “ Resist the temptation to waive the inspection contingency , especially in a hot market or if the home is being sold ‘as-is’, which means the seller won’t pay for repairs. Bottom Line.

Inspection contingency

Housing Wire

FEBRUARY 20, 2024

The bill essentially negates as a negotiating tool the waiving of the home inspection contingency , which makes an offer for a home contingent on the results of an inspection. Brian Ashe, who co-sponsored the House version of the legislation. and Canada. Department of Education.

Inspection

HomeLight

JUNE 9, 2023

Most real estate contracts — or roughly 80% — contain contingencies , according to data from the National Association of Realtors (NAR). As of 2023, 79% of contracts included an inspection contingency while 82% contained an appraisal contingency. What are the most common contingencies?

Home sale contingency

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. The most extended periods typically relate to mortgage and home sale contingencies.

Purchase and sale agreement

HomeLight

JANUARY 10, 2024

Most purchase agreements are contingent on two key items: home inspection and financing. As a homebuyer, knowing what these contingencies mean for you and the seller can help you make decisions with more confidence and avoid unexpected surprises and pitfalls. Most purchase agreements are contingent on which two items?

Earnest money deposit

Realtor.com

OCTOBER 29, 2020

These are the most common contingencies that are part of your new home closing process: Home inspection contingency: This gives buyers the right to have the home professionally inspected. It’s rarely advisable to waive an inspection contingency. Review your closing disclosure.

Closing

HomeLight

OCTOBER 30, 2020

A cash deal can close in as little as 7 days, while financed home purchases tend to take an average of 45 days to close. And if you add a home sale contingency into the mix (that is, if you need to sell your current home before you can buy a new one), closing the deal can take even longer. Financing issues.

Closing

Realty Biz

FEBRUARY 20, 2021

Home inspection: often called a due diligence contingency, will give the buyer rights to have the house inspected. Most buyers will have a home inspection contingency in their contract. Obtaining financing: allows the purchaser to get the funds to buy the property from a lender of their choice.

Purchase and sale agreement

HomeLight

SEPTEMBER 6, 2024

Generally, an appraisal contingency protects a buyer when a home they’ve made an offer on appraises for less than the amount the buyer offered to pay. Appraisal contingencies are just one type of contingency. Other types include a sales contingency , financing contingency, and inspection contingency.

Inspection contingency

HomeLight

FEBRUARY 6, 2024

Types of contingencies Several common types of contingencies can cause a home to be listed as “contingent.” ” These include: Inspection contingencies: This allows the buyer to have the home inspected within a certain timeframe.

Inspection contingency

HomeLight

DECEMBER 30, 2023

Contingencies while ‘under contract’ Here are some common types of contingencies in residential home sales: Financing contingency: A financing or mortgage contingency safeguards buyers who need to finalize a home loan. If the buyer fails to secure financing, they can withdraw without losing their deposit.

Home sale contingency

HomeLight

NOVEMBER 8, 2024

This can mean that the buyer’s financing is approved, the inspection contingency is met, or any appraisal concerns are resolved. Factors like buyer financing, required repairs, or the need to finalize paperwork can impact this timeline. What contingencies can impact a pending sale?

Inspection contingency

HomeLight

NOVEMBER 29, 2021

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. According to Ruiz, the average timeframe for an appraisal contingency in his area is 17 to 20 days. Financing contingency. Inspection contingency.

Purchase and sale agreement

HomeLight

OCTOBER 30, 2020

The “as is” label signals that as the seller, you aren’t willing to negotiate on price no matter what comes up in the inspection. However, a buyer could still include an inspection contingency in the contract. Additionally, waiving the inspection contingency makes for a more compelling offer to most sellers.

Inspection

Norada Real Estate

APRIL 15, 2023

However, the duration can be influenced by several factors, such as contingencies, negotiations, and local regulations. Additionally, the type of financing being used, such as FHA or VA loans, can also impact the length of the under-contract period. Factors that Affect the Length of Under Contract A.

Earnest money deposit

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. Mortgage Financing Clause.

Purchase and sale agreement

RIS Media

MAY 19, 2021

Not all sales will have contingencies with them, but most will. Common real estate contingencies include the following: Inspection Contingencies. The most common contingency is the home inspection contingency. The home inspection can lead to some delays in the process, too, for around 10% of cases.

Purchase and sale agreement