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But one of the most influential bargaining tools is eliminating contingency clauses, especially the seller contingency clause, also known as the homesalecontingency. What is a contingency clause? Let’s begin by looking at the “what” and “why” of contingency clauses. “You
. “The condo was paid off, so one benefit of that is you can go ahead and buy your next property and you don’t have to have a homesalecontingency, which is very important in this market,” Ramey explains. “The benefits of selling a paid-off home are usually that you have a plan B. Mikki Ramey.
You’ll want to rethink purchasing that beautiful new couch and hold off on planning those backyard additions before the title has been cleared. From appraisal issues to home inspection roadblocks, there’s a lot that can go awry before finally closing on your property. The home appraisal is lower than the sale price.
Problem: Your credit took a nosedive since you applied for a loan. You can avoid getting into this situation by avoiding making other big purchases or applying for other loans once you are approved for a mortgage and under contract. Talk to your agent and loanofficer about these options.
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