Remove Home sale contingency Remove Inspection contingency Remove Pre-approval
article thumbnail

What Does Contingent Mean in Real Estate?

HomeLight

Most real estate contracts — or roughly 80% — contain contingencies , according to data from the National Association of Realtors (NAR). As of 2023, 79% of contracts included an inspection contingency while 82% contained an appraisal contingency. What are the most common contingencies?

article thumbnail

What Does Contingent Mean in Real Estate Sales

Realty Biz

They will also get their earnest money deposit back , and the home will go back on the market. The home could be subject to a few different types of contingency. Let’s have a look at the most common types of contingency you are likely to see. Home Inspection Contingency. Home Sale Contingency.

Insiders

Sign Up for our Newsletter

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

article thumbnail

7 Creative Strategies to Make Your Offers Stand Out in a Seller’s Market

The Close

Make Sure You Have a Proper Approval Letter From a Reputable Lender. At the first meeting with your buyer, help them understand the differences between a basic pre-approval and a full approval and how it strengthens their offer. Working closely with a lender should be mandatory before showing any homes.

article thumbnail

How Do I Cancel a Home Purchase Offer? Cold Feet

Realty Biz

In my eagerness to buy my first home, I made a full-price offer with the only continency being that my mortgage was approved. I didn’t even include an inspection contingency. Getting out of the signed contract and having your earnest money returned to you is typically only possible if the contingencies are not met.

article thumbnail

When a Home Sale Falls Through, What Now?

HomeLight

Make a strong offer with no home sale contingency. Find out exactly why the sale fell through Before you make any big decisions, press pause and get clarity on why the sale didnt close. Buyer home sale contingency: If your buyers own home didnt sell in time, they may no longer be in a position to purchase yours.

article thumbnail

Common Real Estate Contingencies

Windemere Selling

When selling your home, a buyer may make their offer with contingencies attached. Here are some common contingencies you might see in a buyer’s offer and what they mean for you. If the seller chooses not to make the repairs outlined in the buyer’s home inspection report, the buyer can cancel the contract.

article thumbnail

How Fast Can I Sell My House? It Can Take 75 Days or 12

HomeLight

In fact, the mortgage process is the most common culprit for slowing down the sale. A buyer using a mortgage will most likely include the following contingencies (all of which have deadlines): Inspection contingency (note: this one is optional and buyers can choose to waive it). Appraisal contingency.