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?

Loan contingency 99

Loan contingency Loans Earnest money deposit Inspection contingency 99

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 99

Purchase and sale agreement Inspection contingency Home sale contingency Inspection 99

HomeLight

AUGUST 31, 2021

The associated contingencies , which come with additional risks for the seller, are where you’ll find most key distinctions between a cash offer and an offer backed by a mortgage loan. The most obvious contingency with an offer that requires financing is, of course, the financing itself. Though you can (and should!)

Due diligence 77

Due diligence Inspection Pre-approval Pre-qualification 77

HomeLight

JANUARY 13, 2022

If a contingency isn’t met, then buyers can back out of a deal without any repercussions and they can get their earnest money back. Common contingencies include issues with appraisals, home inspections, or the buyer’s home sale. How is an active contingent listing different from a pending listing? Appraisal contingencies.

Backup offer 77

Backup offer Inspection contingency Purchase and sale agreement Home sale contingency 77

HomeLight

NOVEMBER 29, 2021

Selling solo: Fill out a listing input form specifying details such as buyer financing you accept, your home’s features, and showing instructions for cooperating agents. When reviewing an incoming offer, you’ll take into consideration the overall offer terms, such as: the buyer’s ability to qualify for a home loan. termite and pest.

Purchase and sale agreement 83

Purchase and sale agreement MLS Inspection Agents 83

HomeLight

MARCH 23, 2022

Once you decide to buy a home, looking into your financing options should be one of the first steps. A preapproval isn’t a guarantee that you’ll ultimately be able to get a mortgage — this is why buyers typically include a financing contingency in an offer, so they’re protected in case financing falls through at a later stage.

Pre-approval 94

Pre-approval Marketing Inspection Finance 94