Redfin

JULY 28, 2020

markets waived the inspection contingency, compared with just 13.2% Winning offers waived the appraisal contingency at a similar rate—20.6%—up The inspection contingency allows the buyer to cancel a purchase or request repairs if they find an issue during the inspection period. In June, 19.9% up from 17.4%

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Inspection contingency Inspection Purchase and sale agreement Pre-approval 59

RIS Media

AUGUST 31, 2021

NAR’s Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, showed a 1.8% According to the report, 27% of buyers bypassed appraisal and inspection contingencies in July. The post NAR: Cooldown Persists as July Pending Home Sales Dip 1.8% MoM — Now 92.0

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HomeLight

JUNE 9, 2023

A property listed as “contingent” in real estate means the seller has accepted an offer, but the deal isn’t fully closed yet. The final sale hangs in the balance, waiting for certain conditions or “contingencies” to be met. What are the most common contingencies?

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Home sale contingency Inspection contingency Purchase and sale agreement Inspection 145

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

Realty Biz

FEBRUARY 25, 2021

Most real estate agents agree that it’s essential their clients pay for a home inspection to ensure the home they’re buying is on a solid footing and won’t cause them headaches later. Besides making a higher offer, some buyers are also waiving the home inspection to make their offer stand out.

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HomeLight

JANUARY 10, 2024

In the world of real estate, a contingent offer on a home means that the purchase is conditional upon certain terms being met. These conditions, or contingencies, act as safeguards for both the buyer and seller. Essentially, they provide a way to back out of the sale if specific criteria aren’t fulfilled without facing penalties.

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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

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

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

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

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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Inspection As-is Inspection contingency Investor 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

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. The sellers may see every contingency as a possible roadblock that could delay or prevent you from completing the sale. An inspection contingency.

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Purchase and sale agreement Home sale contingency Sales Inspection contingency 111

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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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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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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HomeLight

OCTOBER 1, 2020

Which contingencies you included in your contract with the seller. What are contract contingencies? 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. There are four common buyer contingencies: financing, appraisal , inspection, and home sale.

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

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

FEBRUARY 26, 2021

These are all items that you may see listed for sale “as is” on sites like Facebook Marketplace or Craigslist. So how do “as is” sales in furniture and retail translate to “as is” sales in real estate? In fact, 95% of purchased homes undergo an inspection before closing. Simplifying the sale while remaining flexible.

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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

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

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. More on contingencies in a minute.) What contingencies can impact a pending sale?

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Inspection contingency Backup offer Inspection Home sale contingency 94

HomeLight

DECEMBER 29, 2023

Here’s what it involves: Definition: A non-contingent offer is a bid to purchase a property without attaching conditions or contingencies to the sale. Faster transaction process: By eliminating the need for conditions like home inspections or the sale of a previous home, these offers can speed up your buying process.

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Inspection contingency Home sale contingency Inspection Residential 114

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. A contingency period is the amount of time a certain contingency has to be met.

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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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Inspection contingency VA loan Finance Inspection 111

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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Closing Backup offer Sales Inspection 105

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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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

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

SEPTEMBER 9, 2020

A contingency means that you’re willing to purchase the home contingent on certain details checking out. Though you won’t need a financing contingency, you should consider an inspection contingency and an appraisal contingency. Get an inspection.

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Inspection contingency Inspection Proof of funds Title 116

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

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

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. Home Sale Contingency.

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

HomeLight

OCTOBER 30, 2020

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. With cash, buyers are able to waive common contingencies, making the deal smoother and faster (not to mention sweeter for the seller). Because it’s fast.

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HomeLight

AUGUST 5, 2024

The National Association of Realtors (NAR) reports that in June 2024, “22% of buyers waived the inspection contingency” and “20% of buyers waived the appraisal contingency.” It demonstrates the buyer’s serious intent and financial stability, giving the seller greater confidence in a smooth sale.

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Inspection contingency Inspection Finance Sales 89

Realty Biz

SEPTEMBER 2, 2021

Usually, an agent will charge a percentage of the sales price (around 5-6 percent), while others may charge a flat fee. In a real estate sale, it’s common for there to be contingencies – or conditions – that need to be met before the buyer will close the deal. Choosing the Wrong Agent. Most agents’ commission is negotiable.

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Realty Biz

JULY 6, 2022

Falling sales prices are a clear indicator that the seller’s market is losing steam. The comparable sales will often be based on a different market. The Number of Homes For Sale Rises. One of the defining factors of a seller’s market is low inventory of homes for sale. Homes Take Longer to Sell.

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