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What Happens if the Inspection Contingency Expires on a Home Offer?

HomeLight

For this reason, most contracts contain an inspection contingency clause. But what happens if the inspection contingency expires? If this contingency period lapses before you’ve finalized your decisions, will you lose your deposit? Get Started How does an inspection contingency work?

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Home Inspection Contingency: Examples, Clauses, and Addendums Explained

Maximum Exposure Real Estate

House inspections are another expense during the home-buying process that you could choose to eliminate. However, choosing not to have a home inspection isn’t an expense you should avoid. […]. The post Home Inspection Contingency: Examples, Clauses, and Addendums Explained appeared first on Maximum Real Estate Exposure.

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Pending legislation would end home inspection waivers in Massachusetts

Housing Wire

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.

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20% of Winning Home Offers Waived the Inspection Contingency in June, Up From 13% Last Year

Redfin

markets waived the inspection contingency, compared with just 13.2% Winning offers waived the appraisal contingency at a similar rate—20.6%—up The inspection contingency allows the buyer to cancel a purchase or request repairs if they find an issue during the inspection period. In June, 19.9% up from 17.4%

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How Long Can a House Be Contingent?

HomeLight

Here are some of the most common contingencies you might encounter: Home sale contingency: This allows the buyer a specified amount of time to sell their current home. Inspection contingency: This gives the buyer the right to have the property inspected within a certain timeframe.

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Most Home Purchase Agreements Are Contingent on These Two Items

HomeLight

Understanding these contingencies is crucial as they play a significant role in the homebuying process. Home inspection contingency This contingency allows you, as the buyer, to have the property professionally inspected within a specified timeframe. What does this mean to a buyer?

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5 Things Homebuyers Need To Know When Making an Offer

Keeping Current Matters

Just remember, there are 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.