HomeLight

JANUARY 31, 2024

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.

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Purchase and sale agreement Inspection contingency Home sale contingency Inspection 115

HomeLight

JANUARY 10, 2024

Most purchase agreements are contingent on two key items: home inspection and financing. As a homebuyer, knowing what these contingencies mean for you and the seller can help you make decisions with more confidence and avoid unexpected surprises and pitfalls. Most purchase agreements are contingent on which two items?

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Realtor.com

OCTOBER 29, 2020

These are the most common contingencies that are part of your new home closing process: Home inspection contingency: This gives buyers the right to have the home professionally inspected. If something is wrong, you can request that it be fixed—or you can back out of the sale. Clear the title.

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Closing Earnest money deposit Inspection contingency Purchase and sale agreement 139

Realty Biz

FEBRUARY 20, 2021

We will take an in-depth look at the most common real estate contingencies you need to understand when buying a home. Many buyers and sellers are not well educated about the intricacy of some real estate contingency clauses. Most buyers will have a home inspection contingency in their contract. What is a Kick-Out Clause.

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Purchase and sale agreement Inspection contingency Earnest money deposit Home sale contingency 137

HomeLight

OCTOBER 1, 2020

They’re protective clauses you put in your contract with the seller that allow you an out if certain conditions of the sale aren’t met. So as a buyer, you should have a contingency in your contract to protect you in case you can’t get proper financing for the home. Financing contingency. Inspection contingency.

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HomeLight

FEBRUARY 6, 2024

You can then make a strong offer on your next home with no home sale contingency. Learn More What does contingent mean on a house listing? Types of contingencies Several common types of contingencies can cause a home to be listed as “contingent.”

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Inspection contingency Home sale contingency Inspection Finance 116

HomeLight

DECEMBER 30, 2023

You may be building an online watchlist of homes you’re interested in seeing, but then you notice a label tagging your favorite property listing as “under contract” or “sale pending.” What buyer contingencies might put a listing back on the market? What buyer contingencies might put a listing back on the market?

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Home sale contingency Purchase and sale agreement Inspection contingency Inspection 119

Realty Biz

NOVEMBER 11, 2020

When you begin an online search for a home, you may find some sale statuses you don’t fully understand. It is fairly obvious what is meant when homes have a status of “for sale” or “sold,” but some statuses may not be as clear. For example, if a home sale is contingent or pending, can you still make an offer?

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HomeLight

SEPTEMBER 10, 2022

Say you’re visiting yard sales on a Saturday morning and you come across the perfect wicker patio set, exactly what you’ve been looking for. Understanding the implications of a kick-out clause can make the difference between buying the home you want and being saddled with two mortgages (or not being able to qualify for financing).

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Purchase and sale agreement Home sale contingency Sales Inspection contingency 111

HomeLight

MARCH 31, 2022

But one of the most influential bargaining tools is eliminating contingency clauses, especially the seller contingency clause, also known as the home sale contingency. What is a contingency clause? Let’s begin by looking at the “what” and “why” of contingency clauses. Source: (Masjid MABA / Unsplash).

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Home sale contingency Sales Purchase and sale agreement Inspection contingency 104

HomeLight

NOVEMBER 8, 2024

In real estate, “pending” means a seller has accepted an offer, and the property is under contract , but the sale hasn’t yet closed. A home is marked as pending once an offer is accepted and both parties have agreed to the sale’s terms. If everything goes smoothly, the sale could close faster.

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HomeLight

NOVEMBER 29, 2021

But first, you have to sell your old home, potentially secure financing, and secure a home appraisal (and likely an inspection) on your new house. Most purchase agreements have some terms in place that must be met for the deal to go through, such as having a home inspection completed. Financing contingency.

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Purchase and sale agreement Home sale contingency Inspection contingency Earnest money deposit 111

HomeLight

SEPTEMBER 6, 2024

Generally, an appraisal contingency protects a buyer when a home they’ve made an offer on appraises for less than the amount the buyer offered to pay. Appraisal contingencies are just one type of contingency. Other types include a sales contingency , financing contingency, and inspection contingency.

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HomeLight

MARCH 20, 2023

That means a large majority of homebuyers must consider the sale of their current home prior to buying a new one. Most often, this type of scenario calls for a home sale contingency. Find a Buyer's Agent What is a home sale contingency? If the buyer’s current home sells, the sale of the new home can proceed.

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Home sale contingency Purchase and sale agreement Sales Earnest money deposit 105

HomeLight

SEPTEMBER 30, 2020

If a homeowner falls behind on their mortgage payments, a short sale is one potential way of correcting course. That being said, the home purchase process is a lot more complicated and drawn out with a short sale because it all hinges on the oversight and approval of a third party: the mortgage lender. Short sales 101.

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Realty Biz

JULY 25, 2023

When you're looking to buy a home, you'll likely come across the terms "under contract" and "pending sale." This means that it’s crucial to understand the difference between a pending sale and an under contract and what they mean for a buyer or a seller. This means that the buyer and seller have agreed on the terms of the sale.

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HomeLight

OCTOBER 30, 2020

The “as is” label signals that as the seller, you aren’t willing to negotiate on price no matter what comes up in the inspection. However, a buyer could still include an inspection contingency in the contract. Additionally, waiving the inspection contingency makes for a more compelling offer to most sellers.

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HomeLight

OCTOBER 30, 2020

A cash deal can close in as little as 7 days, while financed home purchases tend to take an average of 45 days to close. And if you add a home sale contingency into the mix (that is, if you need to sell your current home before you can buy a new one), closing the deal can take even longer. Financing issues.

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Closing Inspection contingency Title search Purchase and sale agreement 116

HomeLight

MARCH 31, 2021

While researching the home sales process, you’ve likely come across the term “seller credit.” For added insight on using credits wisely, we consulted top real estate agent Topher Kauffman , who has closed 82% more single-family home sales than the average agent in Summerville, South Carolina. Source: (Annie Spratt / Unsplash).

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Point2Homes

DECEMBER 8, 2020

A home listed as contingent means the seller has accepted an offer. However, before the sale can go to closing, certain contingencies must be met. These clauses are defined in the sales contract and often have to do with home inspections, mortgage approvals and appraisals. Contingent Statuses. Short Sale.

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Purchase and sale agreement Backup offer Home sale contingency Short sale 145

HomeLight

APRIL 12, 2022

Most home sellers want their home sale process to be quick and painless. If you have your heart set on a fast sale, you might seek out a direct buyer instead of going the more traditional route of working with an agent. An easy way to obtain a quick all-cash offer is through HomeLight’s Simple Sale platform. What’s more, ??our

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Realty Biz

APRIL 20, 2022

Let’s look at the most common contingencies in an offer and what they mean to buyers and sellers. Common Contingencies Found in an Offer to Purchase. Home Inspection Contingency. One of the most common terms in an offer is the home inspection contingency clause. Mortgage Financing Clause.

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Purchase and sale agreement Home sale contingency Earnest money deposit Inspection contingency 104

RIS Media

MAY 19, 2021

.” There are other statuses in the MLS listings like “Pending,” “Contingent,” “Coming Soon” and “Expired.” ” What do they mean and how will they affect your home sale? One of the most confusing things for buyers and sellers to understand is what contingent means vs. pending.

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Purchase and sale agreement Earnest money deposit Inspection contingency Home sale contingency 98

HomeLight

JANUARY 3, 2024

Sometimes you come across a home for sale that checks off every box on your list, but the listing status says that it’s “under contract” or “sale pending.” In most cases, there are contingencies in the buyer’s offer that need to be cleared before the transaction is moved to the more solid “sale pending” status.

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Purchase and sale agreement Earnest money deposit Inspection contingency Pre-approval 115

HomeLight

JANUARY 13, 2022

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. Common types of contingencies.

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Backup offer Inspection contingency Purchase and sale agreement Home sale contingency 97

Norada Real Estate

APRIL 15, 2023

Definition of Under Contract The term “under contract” refers to the period after a seller accepts a buyer's offer, but before the sale is finalized at closing. Purpose of Under Contract The purpose of the under-contract period is to allow both parties to fulfill any contingencies and prepare for closing.

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HomeLight

DECEMBER 31, 2020

You can put so much effort into prepping your house for sale that you forget what happens after you receive an offer. Putting your John Hancock on a home sale contract might feel like the completion of a major financial deal, but it’s actually just the beginning of the home sale process. What does “sale pending” mean?

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Redfin

MARCH 4, 2025

A mortgage pre-approval can also reassure the letter that your financing is likely to be approved during closing. In a less competitive market, or if a home has been for sale for 30 days or more, successful offers under list price are more common. In a competitive situation, you can ask to do a pre-inspection of the home.

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Realty Biz

NOVEMBER 10, 2021

Let’s look at whether it makes sense to put in an offer on an already contingent home. What Does Contingent Mean in Real Estate? Listed homes for sale are classified in different ways to help you understand how far along in the sales process they are. Can I Still Buy a Contingent Property?

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Purchase and sale agreement Inspection Inspection contingency Finance 129

HomeLight

MARCH 28, 2025

And then, unexpectedly, the home sale falls through. Thats one in seven pending home sales and one in seven life chapters placed on hold. Historically, a more typical average of canceled pending sales is 5%6%. Make a strong offer with no home sale contingency. Youre not alone. Get Started 1.

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Purchase and sale agreement Home sale contingency Sales Inspection contingency 52

HomeLight

MARCH 2, 2023

Closing costs in California average about 1% of the home’s sale price , and there are other pre-paid costs you might have as well. While it is not always recommended to completely waive contingencies to impress a seller, you might consider pairing down to just the inspection contingency and financing contingency to remain competitive.

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Closing Earnest money deposit Sales Inspection 118

HomeLight

JULY 31, 2020

To be clear, an all-cash offer means you won’t be getting a mortgage loan for any portion of the sale. This is important: if your real estate agent puts in an all-cash offer on your behalf, they will not include a financing contingency. The seller makes decisions based on the terms of your offer, including contingencies.

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Purchase and sale agreement Inspection contingency Proof of funds Finance 98

HomeLight

AUGUST 5, 2024

In a perfect world, selling a house with no contingencies would be the norm. Buyers would come in with rock-solid financing and make an offer knowing that the price of the home reflects its condition and fair market value , and sellers’ homes would be in excellent condition.

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HomeLight

JANUARY 31, 2025

What fixes are mandatory after a home inspection? Although 20% of buyers waived inspection contingency , you may still be obligated to resolve certain issues, depending on your states and the buyers lenders policies.

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HomeLight

JULY 6, 2023

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? Here are 5 common contingencies in real estate contracts: Inspection contingency A buyer and their lender understandably want a home inspection to make sure they’re not investing in a lemon.

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Realty Biz

MARCH 16, 2022

All-cash offers were found to be significantly more successful than other strategies that are commonly used in bidding wars, such as waiving the financing contingency or a pre-inspection. Bidding wars have grown more common in today’s marketplace as buyers rush to compete for a limited stock of homes for sale.

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Redfin

MARCH 18, 2025

The earnest money is typically held in an escrow account – a neutral third party, such as a title company or real estate brokerage, holds onto the funds until the sale is finalized. Financing contingency: If your loan falls through despite your best efforts, you can typically back out and recover your earnest money.

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