Remove Finance Remove Inspection Remove Loan contingency Remove Loans
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What Does Removing the Loan Contingency Mean for Homebuyers?

HomeLight

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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How Long Can a House Be Contingent?

HomeLight

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.

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What’s the Deal with Making a Cash Offer on a House?

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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. There’s no financing contingency.

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What Buyers Need to Know About Making an Offer on Active Contingent Listings

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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.

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How to Sell a House ‘As Is’ in Ohio

HomeLight

Consider a pre-listing inspection. A pre-listing home inspection is the same as a standard home inspection except that the seller pays for it before listing their home on the market. Be aware of minimum property standards for certain loans. Price to reflect ‘as is’ condition. increase over the year prior.

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How to Sell Your House Without a Realtor: 14 Steps to Selling FSBO

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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.

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Use These 8 Strategies to Get Yourself a Home in 2022’s Real Estate Market

HomeLight

Once you decide to buy a home, looking into your financing options should be one of the first steps. But there’s a catch: Because you don’t typically have to provide any documentation, nothing is verified, and this loan amount isn’t guaranteed. Buyers who go this route may even be able to remove their financing contingency.