HomeLight

JANUARY 12, 2024

If you’ve been shopping for a home, you’ve likely come across the term “loan contingency,” and you may be considering including this clause in your purchase offer. Or perhaps you’ve already made a loan-contingent offer, and you’re wondering about contingency removal. What is a loan contingency?

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Loan contingency Loans Earnest money deposit Inspection contingency 107

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?

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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. Though you can (and should!)

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Due diligence Inspection Pre-approval Pre-qualification 86

HomeLight

JANUARY 13, 2022

Inspection contingencies. Inspection contingencies mean that a buyer can get a home inspected before the deal goes through, and can back out of the purchase with earnest money intact, depending on what the inspector finds. Inspection contingencies can be waived. Appraisal contingencies.

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Backup offer Inspection contingency Purchase and sale agreement Home sale contingency 88

HomeLight

MARCH 23, 2022

Once you decide to buy a home, looking into your financing options should be one of the first steps. The process of qualifying for a mortgage includes a few different tiers. When you want to decide how much you will be able to borrow for your mortgage, prequalification is often the first step. Prequalification. Preapproval.

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