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?
HomeLight
JANUARY 31, 2024
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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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. The inspection.
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.
HomeLight
MARCH 23, 2022
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. To get prequalified for a mortgage, you’ll submit some basic financial information to your lender. Prequalification. Preapproval.
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