Redfin

JUNE 23, 2025

During the due diligence period, the buyer is allowed a set amount of time, typically outlined in the purchase agreement, to fully investigate the property before finalizing the sale. If the home inspection reveals major problems, the buyer can request repairs, negotiate credits, or even walk away depending on the contract.

Due diligence

Rochester Real Estate

NOVEMBER 5, 2015

What To Expect From Your Listing Agent Why For Sale By Owners (FSBOs) Fail Blog Featured Articles Home Buying Home Selling LOCAL Rochester NY Articles Earnest Money and House Deposits Explained Kyle Hiscock Kyle Hiscock | Greater Rochester NY Real Estate | Pittsford NY Realtor at RE/MAX Realty Group Have questions about buying or selling a home?

Earnest money deposit

Redfin

MARCH 18, 2025

The earnest money is typically held in an escrow account – a neutral third party, such as a title company or real estate brokerage, holds onto the funds until the sale is finalized. This is more common with VA loans or USDA loans, which require no down payment. Youre using a no-down-payment loan.

Closing

Redfin

MARCH 4, 2025

Whether youre looking at homes for sale in San Antonio, TX , or in Wilmington DE , there are options for you. There are several types of foreclosure sales – auctions, bank-owned properties, government-owned properties, preforeclosures, and short sales. Auctions The most common type of foreclosure sale is by an auction.

Pre-approval

Redfin

JULY 9, 2025

It’s best to shop around to find the best rate and determine the best type of mortgage loan for you. Are you looking at homes for sale in Juneau, AK or Miami, FL ? Work with your agent to determine a competitive price based on recent sales, current market demand, and how many buyers are interested.

Pre-approval

Redfin

JULY 10, 2025

Credited toward the purchase price at closing Credited toward the purchase price if sale closes Fee amount 1-3% of the purchase price Often 0.1% This fee is separate from earnest money and is typically credited toward the purchase price at closing if the sale is completed. What is a due diligence fee and is it refundable??

Due diligence

Redfin

JUNE 17, 2025

What needs to be done before settlement It typically takes between 30-60 days from accepting an offer on your home to closing a sale. This delay is the result of the due diligence period, where the buyer will conduct inspections and other research before actually signing any papers. Wire transfer or cashier’s check?

Closing

Rochester Real Estate

NOVEMBER 5, 2015

Saving a Down Payment While many home loan options allow low down payments, this will mean additional costs. If major issues are highlighted in the inspection report, you can negotiate with the seller over repairs, or they could credit you. You don’t want to be denied the loan after being approved.

Purchase and sale agreement

Redfin

JULY 21, 2025

Common contingencies include: Financing contingency: Protects buyers if they can’t secure a mortgage loan. This contingency ensures the buyer isn’t penalized if a lender denies their loan application. Home inspection contingency : Allows termination if major issues are found during the inspection.

Earnest money deposit

Rochester Real Estate

NOVEMBER 5, 2015

What To Expect From Your Listing Agent Why For Sale By Owners (FSBOs) Fail Blog Featured Articles Home Buying Home Selling LOCAL Rochester NY Articles Should I Waive My Home Inspection When Buying A House? When a home seller gets an offer that doesn’t have a home inspection contingency to complete the sale, they often jump on it.

Inspection

Redfin

JULY 11, 2025

This good-faith payment, typically 1% to 3% of the purchase price, is held in escrow and applied to your down payment or closing costs if the sale goes through. That means if the sale is completed, the money is not refunded – it’s credited toward what you owe. Where does earnest money go?

Earnest money deposit

HomeLight

FEBRUARY 20, 2025

As of December 2024, 18% of buyers waived the appraisal contingency , with other buyers waiving, for example, inspection contingencies to likewise make their offers more enticing to sellers. The appraisal contingency is there to protect the buyer in case of any issues surrounding your appraisal.

Inspection contingency

Redfin

AUGUST 5, 2025

If your score is under 620, which is the minimum qualifying score for conventional loans, it could be difficult to get a mortgage approval. Get a home inspection With bidding wars being the norm, many buyers are going to great lengths to secure their next home. Even with bad credit, buyers can still qualify for certain types of loans.

Earnest money deposit

Keeping Current Matters

SEPTEMBER 15, 2021

Multi-offer scenarios and bidding wars are the norm due to the low supply of houses for sale and high buyer demand. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. Speed and the pace of sales are contributing factors to today’s competitive housing market. Bottom Line.

Inspection contingency

Keeping Current Matters

JUNE 21, 2021

That’s why you should connect with a lender to get pre-approved for a loan early in the homebuying process. Your ability to do a quick close or make an offer that’s not contingent on the sale of your current home. Just remember, there are certain contingencies you don’t want to forego. Know Your Numbers. Bottom Line.

Inspection contingency

Keeping Current Matters

NOVEMBER 30, 2020

The best way to know this is to reach out to your lender to get pre-approved for a loan early in the homebuying process. There are, however, certain contingencies you don’t want to forego. Without an inspection contingency, you could be stuck with a contract on a house you can’t afford to fix.”. Be a Flexible Negotiator.

Inspection contingency

Keeping Current Matters

MARCH 15, 2021

The best way to know this is to get pre-approved for a loan early in the homebuying process. Without an inspection contingency, you could be stuck with a contract on a house you can’t afford to fix.”. Understand Your Finances. Having a complete understanding of your budget and how much house you can afford is essential.

Inspection contingency

Realtor.com

OCTOBER 29, 2020

These are the most common contingencies that are part of your new home closing process: Home inspection contingency: This gives buyers the right to have the home professionally inspected. If something is wrong, you can request that it be fixed—or you can back out of the sale. Clear the title.

Closing

HomeLight

JUNE 9, 2023

A property listed as “contingent” in real estate means the seller has accepted an offer, but the deal isn’t fully closed yet. The final sale hangs in the balance, waiting for certain conditions or “contingencies” to be met. What are the most common contingencies?

Home sale contingency

HomeLight

JANUARY 31, 2024

You can then make a strong offer on your next home with no home sale contingency. Learn More What does contingent mean? In real estate, when a house is listed as “ contingent ,” it means the sale of the property is conditional upon certain criteria being met.

Purchase and sale agreement

Realty Biz

NOVEMBER 11, 2020

When you begin an online search for a home, you may find some sale statuses you don’t fully understand. It is fairly obvious what is meant when homes have a status of “for sale” or “sold,” but some statuses may not be as clear. For example, if a home sale is contingent or pending, can you still make an offer?

Backup offer

HomeLight

MARCH 31, 2022

But one of the most influential bargaining tools is eliminating contingency clauses, especially the seller contingency clause, also known as the home sale contingency. What is a contingency clause? Let’s begin by looking at the “what” and “why” of contingency clauses. Source: (Masjid MABA / Unsplash).

Home sale contingency

HomeLight

MARCH 20, 2023

That means a large majority of homebuyers must consider the sale of their current home prior to buying a new one. Most often, this type of scenario calls for a home sale contingency. Find a Buyer's Agent What is a home sale contingency? If the buyer’s current home sells, the sale of the new home can proceed.

Home sale contingency

HomeLight

MARCH 31, 2021

While researching the home sales process, you’ve likely come across the term “seller credit.” For added insight on using credits wisely, we consulted top real estate agent Topher Kauffman , who has closed 82% more single-family home sales than the average agent in Summerville, South Carolina. Source: (Annie Spratt / Unsplash).

Closing

HomeLight

SEPTEMBER 30, 2020

If a homeowner falls behind on their mortgage payments, a short sale is one potential way of correcting course. That being said, the home purchase process is a lot more complicated and drawn out with a short sale because it all hinges on the oversight and approval of a third party: the mortgage lender. Short sales 101.

Short sale

HomeLight

DECEMBER 30, 2023

You may be building an online watchlist of homes you’re interested in seeing, but then you notice a label tagging your favorite property listing as “under contract” or “sale pending.” What buyer contingencies might put a listing back on the market? What buyer contingencies might put a listing back on the market?

Home sale contingency

HomeLight

SEPTEMBER 6, 2024

Generally, an appraisal contingency protects a buyer when a home they’ve made an offer on appraises for less than the amount the buyer offered to pay. Appraisal contingencies are just one type of contingency. Other types include a sales contingency , financing contingency, and inspection contingency.

Inspection contingency

HomeLight

MARCH 2, 2023

With tips on everything from how to save for your down payment, specific loan programs for buyers, and what you should look for in an agent, we’ve got you covered. Closing costs in California average about 1% of the home’s sale price , and there are other pre-paid costs you might have as well. Loans are between 3%-3.5%

Closing

HomeLight

SEPTEMBER 10, 2022

Say you’re visiting yard sales on a Saturday morning and you come across the perfect wicker patio set, exactly what you’ve been looking for. The sellers may see every contingency as a possible roadblock that could delay or prevent you from completing the sale. An inspection contingency.

Purchase and sale agreement

Point2Homes

DECEMBER 8, 2020

A home listed as contingent means the seller has accepted an offer. However, before the sale can go to closing, certain contingencies must be met. These clauses are defined in the sales contract and often have to do with home inspections, mortgage approvals and appraisals. Contingent Statuses. Short Sale.

Purchase and sale agreement

Realty Biz

FEBRUARY 20, 2021

We will take an in-depth look at the most common real estate contingencies you need to understand when buying a home. Many buyers and sellers are not well educated about the intricacy of some real estate contingency clauses. Most buyers will have a home inspection contingency in their contract. What is a Kick-Out Clause.

Purchase and sale agreement

HomeLight

OCTOBER 1, 2020

Which contingencies you included in your contract with the seller. What are contract contingencies? They’re protective clauses you put in your contract with the seller that allow you an out if certain conditions of the sale aren’t met. There are four common buyer contingencies: financing, appraisal , inspection, and home sale.

Earnest money deposit

HomeLight

NOVEMBER 8, 2024

In real estate, “pending” means a seller has accepted an offer, and the property is under contract , but the sale hasn’t yet closed. A home is marked as pending once an offer is accepted and both parties have agreed to the sale’s terms. More on contingencies in a minute.) What contingencies can impact a pending sale?

Inspection contingency

HomeLight

MARCH 6, 2023

With tips on everything from how to save for your down payment, specific loan programs for buyers, and what you should look for in an agent, we’ve got you covered. Closing costs in California average about 1% of the home’s sale price , and there are other pre-paid costs to consider as well. Loans are between 3%-3.5%

Earnest money deposit

HomeLight

NOVEMBER 29, 2021

Most purchase agreements have some terms in place that must be met for the deal to go through, such as having a home inspection completed. These are called contingencies, and they’re very common in a real estate sales contract. A contingency period is the amount of time a certain contingency has to be met.

Purchase and sale agreement

HomeLight

JANUARY 31, 2025

What fixes are mandatory after a home inspection? Although 20% of buyers waived inspection contingency , you may still be obligated to resolve certain issues, depending on your states and the buyers lenders policies. For instance, purchasers using FHA , VA , or USDA loans each have particular requirements.

Inspection

HomeLight

JANUARY 13, 2022

These conditions are known as contingencies, which is where the term “active contingent” comes from. Many offers contain contingencies. In May 2020, 76% of closed sales contained purchase contingencies, a survey from the National Association of Realtors® (NAR) found. Common types of contingencies.

Backup offer