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

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

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

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. These clauses are most often used when a buyer needs to sell their current home before purchasing a new one. A contingency is a condition that must be met for the purchase to proceed.

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Purchase and sale agreement Home sale contingency Sales Inspection contingency 111

RIS Media

APRIL 12, 2021

A standard home purchase agreement typically includes contingencies. If the contingency terms are not met, the contract is no longer enforceable and one party may even back out of the deal. Types of Contingencies . Purchase contracts typically include an appraisal contingency.

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HomeLight

NOVEMBER 29, 2021

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. These are called contingencies, and they’re very common in a real estate sales contract. What’s the point of a contingency, and how long can a contingency period last?

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Realty Biz

FEBRUARY 20, 2021

Many buyers and sellers are not well educated about the intricacy of some real estate contingency clauses. Given they are significant legal terms in a purchase and sale, it is essential to have a strong working knowledge of how they work. Most buyers will have a home inspection contingency in their contract.

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

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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HomeLight

OCTOBER 1, 2020

But for some buyers, that excitement can quickly turn to anxiety when it comes time to sign the purchase contract. Once you and the seller sign the purchase agreement, things start to get real. Which contingencies you included in your contract with the seller. What are contract contingencies?

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Realty Biz

APRIL 20, 2022

What to Know About Terms and Conditions Found in an Offer to Purchase. It will state your offer price and many other clauses that could be crucial to the success of the purchase. Let’s look at the most common contingencies in an offer and what they mean to buyers and sellers. Home Inspection Contingency.

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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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The Close

SEPTEMBER 19, 2024

These negotiation strategies are vital elements of real estate transactions and often determine the success or failure of a property sale. By mastering these techniques and learning from real estate counteroffer examples, agents can ensure that buyers and sellers achieve mutually beneficial agreements.

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Realtor.com

OCTOBER 29, 2020

Get all contingencies squared away. Most purchase agreements have contingencies —things that buyers must do before the real estate transaction is official, explains Jimmy Branham , a Coral Springs, FL, real estate agent at the Keyes Company. It’s rarely advisable to waive an inspection contingency.

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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. Inspection contingencies.

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Redfin

AUGUST 26, 2020

In case you’re thinking of waiving the home inspection contingency, you should also be aware that some lenders require a home inspection as a necessary step before they finalize your home loan. Home inspectors generally use a home inspection checklist to look for damage or other causes of concern. Local laws.

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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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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

MARCH 16, 2023

Do you need to connect with cash home buyers in Houston for a fast sale? Whatever your reason for needing a quick sale without making expensive repairs, Houston is teeming with cash home buyers ready to make you an offer no matter your home’s condition. Need to Sell Your House Fast in Houston? No showings, no repairs, no open houses.

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Sales Purchase and sale agreement Earnest money deposit Investor 93

The Close

AUGUST 6, 2024

As their agent, you must also know how to protect your clients through the as-is selling process and understand the nuances such as navigating inspections and disclosures. The buyer ultimately assumes all risks and responsibilities for any issues that may arise post-purchase. ” for your clients.

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Point2Homes

DECEMBER 8, 2020

When searching for the ideal home, expect to encounter a few issues along the way, such as homes listed as contingent. But, what does contingent mean and how does it affect your purchase? A home listed as contingent means the seller has accepted an offer. Contingent Statuses. No Kick-Out Clause. No Showings.

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HomeLight

JANUARY 5, 2022

Unlike taking your house off the market , withdrawing from a purchase contract can cost you big time. In this blog, we explain under what circumstances a seller may cancel a home purchase agreement. Why might a seller want to back out of a home sale? We’ll look at buyer contingencies later in this post.

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Windemere Selling

MARCH 14, 2022

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 they are unable to finance the purchase, the buyer can back out of the contract and recover their earnest money , and the seller can re-list the home.

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Redfin

AUGUST 29, 2024

You will also need to save money to put toward closing costs , about 2-5% of the purchase price. Closing costs typically include appraisal costs, home inspection fees, title insurance, and more. Before touring homes with an agent, you’ll most likely need to sign an agreement with your agent.

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HomeLight

JULY 31, 2020

Real estate purchases made entirely with cash are rumored to create big benefits for homebuyers. With the help of Brad Graves , a top real estate agent in San Antonio, Texas , and some recent national home purchase data, we’ll examine the pros and cons of all-cash offers. Image Source: (Shutterstock.com/Andy Dean Photography).

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Realty Biz

JANUARY 9, 2024

From preparing your home for sale to negotiating offers, these tips will ensure a successful sale. Sometimes it stops their sale dead in its tracks until the errors are corrected. Understand the current market conditions, including recent sales, average time on the market, and pricing trends.

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Realty Biz

DECEMBER 5, 2022

Let's look at what you need to know about home inspection negotiations. How to Negotiate Problems Found at a House Inspection. What Will Happen After a Home Inspection? The home inspection contingency in a real estate contract allows the buyer to back out of the sale when there are issues.

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Inspection Earnest money deposit Purchase and sale agreement Inspection contingency 138

Windemere Selling

JANUARY 19, 2022

The closing process in a real estate transaction finalizes the terms of an agreement between the buyer and seller, leading to the transfer of the property’s title. Before a buyer can hold the keys to their new home, and before a seller can celebrate the sale of their property, closing costs must be paid.

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Real Trends

APRIL 11, 2023

Imagine being a buyer who’s getting ready to close the deal and realizes thousands of extra dollars in closing costs have been tacked on to the final price of the home sale. Most real estate contracts contain a home inspection contingency — it’s what gives the buyer and seller options in case a problem arises during an inspection.

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HomeLight

APRIL 28, 2023

When the time comes to move, some tenacious homeowners in Texas are eager to take over the reins of their home sale and figure out how to sell a house by owner. Often, the decision to go for sale by owner (or “FSBO”) is motivated by a desire to save on agent commissions. That 6% is deducted from the seller’s proceeds at closing.

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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? Low Appraisals.

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HomeLight

JANUARY 3, 2023

Year-over-year, monthly sales in the Phoenix metro area were down nearly 25%. Often, the decision to go for sale by owner (or, “FSBO”) is motivated by a desire to save on agent commissions. Once you’ve seen what’s required, you can roll up your sleeves and get started with your FSBO sale in Colorado.

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Purchase and sale agreement Inspection Inspection contingency MLS 115

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. Why do sellers love cash so much?

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Redfin

JANUARY 25, 2021

Though you can technically add any contingency you want to an offer, here are the 9 most common homebuying contingencies to consider. 1) Home inspection contingency. As the buyer you should always order a home inspection. 2) Appraisal contingency. 3) Financing contingency. 4) Home sale contingency.

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HomeLight

JANUARY 10, 2023

With such impressive sales figures, some sellers may be curious about how to sell a house by owner in California — a decision that could help them save on agent commissions. Often, the decision to go for sale by owner (or, “FSBO”) is motivated by a desire to save on agent commissions. Fast Fasts for Selling a House in California.

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Windemere Buying

JUNE 22, 2022

Sellers will typically request alterations like a higher price, a modification to your contingencies , or an adjustment of closing dates. You can accept or reject the counteroffer or come back with a counteroffer of your own, which may continue for multiple rounds until the two parties reach an agreement. Now you’re ready to close!

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HomeLight

SEPTEMBER 30, 2021

Reading home sale contracts can often feel like learning an entirely new language. If you’ve never purchased a home before, the terminology and legalese can be confusing and overwhelming. In its simplest definition, a kick-out clause is a type of contingency. How a kick-out clause works in a home sale.

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First Team Real Estate

AUGUST 8, 2021

Home sales are moving quickly today because of limited inventory, causing lucky home sellers to see an increase in multiple bids or bidding wars. The only way around re-listing is to accept backup offers, so during the planning phase of your home sale, talk to your listing agent about the pros and cons of backup offers.

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