article thumbnail

What Is a Mortgage Contingency? Purchase Offer Protection

HomeLight

Get Started What is a mortgage contingency? A mortgage contingency is a clause in a real estate contract that makes the purchase contingent , or dependent, on the buyer securing a mortgage loan. How does a mortgage contingency work? What information does a mortgage contingency clause contain?

article thumbnail

How Long Can a House Be Contingent?

HomeLight

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. How long can a house be contingent?

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Tips for Negotiating After the House Inspection

Realty Biz

Buyers and sellers often think the negotiations are complete as soon as both parties sign the purchase agreement. The inspector’s role is to make the buyer aware of any problems that may not have been known previously so the buyer can make an informed purchase decision. Risks of Waiving a Home Inspection. Negotiate a new price.

article thumbnail

How to Sell Your House Without a Realtor: 14 Steps to Selling FSBO

HomeLight

According to the National Association of Realtors® (NAR) 2020 Profile of Home Buyers and Sellers, 8% of homeowners opted to sell for sale by owner , or FSBO. It takes more than a for sale sign staked to your front lawn to sell a home without an experienced agent. Prepare your home for sale. Source: (Kelly Sikkema / Unsplash).

article thumbnail

What Buyers Need to Know About Making an Offer on Active Contingent Listings

HomeLight

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.