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 109

Loan contingency Loans Earnest money deposit Inspection contingency 109

HomeLight

DECEMBER 12, 2023

Perhaps the biggest gear that needs to turn in your favor is the mortgage loan. This is where a mortgage contingency can save the day. A mortgage contingency protects you in such situations, ensuring that you’re not left holding an empty bag if the financing falls through. How does a mortgage contingency work?

Earnest money deposit 112

Earnest money deposit Mortgages Purchase and sale agreement Finance 112

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.

Purchase and sale agreement 112

Purchase and sale agreement Inspection contingency Home sale contingency Inspection 112

Realty Biz

MARCH 29, 2023

This is someone who wants to buy a property with an all-cash bid, eliminating the need for a mortgage or other financing solution. For example, there's no need for a loan contingency (mortgage contingency). With a standard purchase, this allows a buyer to back out of a sale if they can't obtain a loan.

Home sale contingency 72

Home sale contingency Loan contingency Finance Loans 72

Realtor.com

NOVEMBER 28, 2022

“There are bridge loans that will allow for short-term use of equity from your current property to serve as a down payment for the next property if this is needed. ” Current rates on bridge loans range from 6% to 16% with the idea that you’re paying off the loan as quickly as possible, as soon as your original house sells.

Marketing 119

Marketing Pre-approval Equity Finance 119

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. There’s no financing contingency.

Due diligence 92

Due diligence Inspection Pre-approval Pre-qualification 92

HomeLight

APRIL 25, 2022

What helped us was being able to waive our appraisal and being able to waive our loan contingency thanks to the online approval process.”. Ultimately, the Johnsons’ lack of contingencies — neither sales nor financing — beat out the competition and won them their happy home.

Loan contingency 100

Loan contingency Agents Sales Finance 100