HomeLight

AUGUST 31, 2021

A loan contingent on appraisal could fall through, and the seller would have to find another buyer or reduce the price. Due diligence is the time that a buyer has to investigate a property,” explains Bragg. During this period, the buyer pays a due diligence fee and they lose that money if they terminate for any reason.

Due diligence 106

Due diligence Inspection Pre-approval Pre-qualification 106

HomeLight

DECEMBER 12, 2023

If your loan application is denied, or you can’t secure financing under the terms outlined in the contingency, you can withdraw from the deal and typically recover any earnest money deposit you’ve made. How does a mortgage contingency work? This is all part of the due diligence period.

Earnest money deposit 115

Earnest money deposit Mortgages Purchase and sale agreement Finance 115

The Close

DECEMBER 12, 2024

Investors also must be cautious about the propertys condition and do their due diligence. Typically, probate purchase agreements don’t include a loan contingency, so you must secure a loan in time to avoid losing your deposit. This is generally paid through a cashier’s check during the auction.

Purchase and sale agreement 97

Purchase and sale agreement Investor Probate sale Due diligence 97