Backup offer Home sale contingency Lending 
Housing Wire
FEBRUARY 14, 2024
Jeremy Foster: The traditional home purchase process for homeowners is broken. A majority of homeowners must sell their current home before they can qualify for a mortgage on their next home due to federal lending requirements around debt-to-income and down payments.
HomeLight
JUNE 9, 2023
average % of contracts with an inspection contingency: 80% Appraisal contingency It’s standard for lenders to require a home appraisal to ensure they aren’t lending more than the property’s fair market value. Learn More Should I accept an offer with a home sale contingency?
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RIS Media
APRIL 8, 2022
A qualified appraiser establishes the home value via many factors ranging from location to condition. Appraisals that are lower than expected may put a home back on the market. The lending institution can also stop the transaction. . Home inspection problems. The clause is referred to as a home sale contingency. .
HomeLight
JULY 6, 2023
In the meantime, with a “Contingent” status, the seller is typically allowed to continue showing the home and accept backup offers in the event something goes awry. 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?
RIS Media
MAY 19, 2021
The contingent status typically allows the home to be shown to other possible buyers, allowing backup offers to be made. Not all sales will have contingencies with them, but most will. Appraisal Contingencies. Title contingencies can be responsible for around 10% of delayed sales.
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