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?

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Realty Biz

JANUARY 7, 2021

The fact is that another round of negotiations is frequently needed after the house is professionally inspected. Nor should the inspector be involved in a second round of negotiations after the inspection. Risks of Waiving a Home Inspection. Even a strong sellers’ market is not a good reason to waive a home inspection.

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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. How long can a house be contingent?

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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. Though you can (and should!)

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Redfin

SEPTEMBER 2, 2020

If that’s the case, the bank could reject your mortgage. 1) For real ammunition, get pre-approved for a mortgage. Smart homebuyers do their research and get pre-approved for a mortgage before beginning their house search. Remember, this new, higher amount will increase your mortgage payments for the term of the loan.

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HomeLight

JANUARY 13, 2022

If a contingency isn’t met, then buyers can back out of a deal without any repercussions and they can get their earnest money back. Common contingencies include issues with appraisals, home inspections, or the buyer’s home sale. How is an active contingent listing different from a pending listing? Appraisal contingencies.

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HomeLight

AUGUST 23, 2022

Consider a pre-listing inspection. A pre-listing home inspection is the same as a standard home inspection except that the seller pays for it before listing their home on the market. Some buyers may even make a cash offer with no loan contingency, but then may end up getting a mortgage.

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