you will need a home sale contingency in your contract. Contingencies are not always necessary though. For some people it’s a need, while for others it’s a want. You might need some guidance on what it looks like for you. The Blanchard Team is here to help. Sit back, watch the vi...
What is a Financing Contingency? Also known as amortgage contingency,a financing contingency is a clause in the purchase contract that states the sale of the house hinges on the buyer securing appropriate financing. This type of contingency clause will usually state the loan amount, an interest ...
If the appraised value is lower than the amount you’ve agreed to pay, as long as your sale contract has anappraisal contingency, you would likely be able toback out of the dealand get your earnest money deposit refunded. Alternatively, you might decide to negotiate with the seller for a...
Depending on the results of the inspection, you might decide to back out of the deal, or you can ask the seller to fix the issues as a sale contingency. 2. Consider hiring a real estate lawyer Buying a house isn’t just a transaction between the buyer and seller. It’s also a ...
If you are currently looking to buy or sell a home, you may have already come across the use of real estate contingencies such as the home sale contingency or the home close contingency. Although they sound similar, there is a slight difference between the two. It can be helpful to unders...
It can take weeks for a buyer’s needs — called “contingencies” — to be met. After these contingencies are settled, the sale is pending until it’s officially completed.
Loan amount:This is another important aspect of a mortgage contingency that may protect a buyer in case they can get approved for a mortgage but for an amount lower than needed for the specific house in question. Mortgage contingency deadline:As discussed earlier, the mortgage contingency deadlin...
A real estate contingency is a provision that something must be overcome or approved to consummate a transaction. In other words, it’s a condition, such as “I will buy this house IF (fill in the blank)”. Silicon Valley real estate consumers are well aware that home buyers normally have...
A seller’s market occurs when the number of willing buyers is greater than the supply of homes. In this market, limited inventory can create more competition between buyers. Homes tend to sell faster, prices often increase and buyers may need to make concessions—like waiving contingency clause...
What Is a Contingency Reserve? What Is the Carrying Value of a Bond? Cost Basis: Overview, How to Calculate, Example Central Registration Depository (CRD): Definition and How It Works Cumulative Return: Overview, Calculation, Example Premium Investing Services ...