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 sale 98

Short sale Closing costs Closing Sales 98

Point2Homes

DECEMBER 8, 2020

When searching for the ideal home, expect to encounter a few issues along the way, such as homes listed as contingent. But, what does contingent mean and how does it affect your purchase? A home listed as contingent means the seller has accepted an offer. Contingent Statuses. No Kick-Out Clause. No Showings.

Purchase and sale agreement 145

Purchase and sale agreement Backup offer Home sale contingency Short sale 145

HomeLight

JULY 31, 2020

There’s a house for sale that you want to buy. For most buyers, financing a home through a bank or lender with a mortgage loan is necessary to purchase the property. Because the entire sale hinges on securing this loan, it is a top criteria for closing, and it’s also the most common reason for a delay in the closing process.

Closing 116

Closing Purchase and sale agreement Title search Earnest money deposit 116

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. Inspection contingencies.

Backup offer 90

Backup offer Inspection contingency Purchase and sale agreement Home sale contingency 90

HomeLight

JULY 6, 2023

So what are the contract stipulations that put a listing into that “Contingent” stage, and how common is it for a property to hang in closing limbo? Here are 5 common contingencies in real estate contracts: Inspection contingency A buyer and their lender understandably want a home inspection to make sure they’re not investing in a lemon.

MLS 102

MLS Backup offer Inspection contingency Purchase and sale agreement 102

HomeLight

JULY 29, 2022

You can avoid getting into this situation by avoiding making other big purchases or applying for other loans once you are approved for a mortgage and under contract. First, when deciding to purchase a home, you’ll naturally try to make sure you’re at a stable point in your career. What can go wrong on the buyer’s side at closing.

Closing 104

Closing Purchase and sale agreement Title Home sale contingency 104

HomeLight

OCTOBER 29, 2020

As the term implies, a contingent offer proposes a deal that can only be brought to fruition if certain conditions are met. As you’d likely imagine, some contingencies are negotiable, while others simply are not. Home inspections. So can a financing contingency be negotiable? Sales contingency.

Purchase and sale agreement 80

Purchase and sale agreement Pre-approval Earnest money deposit Inspection 80