article thumbnail

What Is an Appraisal Contingency? Understanding This Real Estate Contract Provision

HomeLight

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.

article thumbnail

How Long Can a House Be Under Contract?

Norada Real Estate

Additionally, the type of financing being used, such as FHA or VA loans, can also impact the length of the under-contract period. Home Inspection Contingency One of the most common contingencies that can affect the length of the under-contract period is the home inspection 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

Can You Get Your Earnest Money Back at Closing?

Redfin

This is more common with VA loans or USDA loans, which require no down payment. You back out due to a contingency you get your earnest money back Most purchase agreements include contingencies that allow you to cancel the deal without penalty. You may receive a refund.

Closing 32
article thumbnail

When Is a House Down Payment Due and How Much Do I Need?

HomeLight

Veterans have access to the Veterans Affairs (VA) loan when buying a home , a great benefit of serving the country as a current active military member, a military veteran, or as a surviving spouse of someone in the military. A VA loan provides 100% financing with no money down — so no down payment.

article thumbnail

How Do You Sell a House As-is? Everything Agents Need to Know

The Close

Notably, falling below MPR standards could be a deal breaker for some homebuyer programs, such as a Federal Housing Authority (FHA) loan or VA loan. I agreed to sell “as is” at that price, reminding the buyers of their inspection contingency if they wished to back out if they didn’t like my as-is terms.

As-is 98
article thumbnail

How to Buy a Home As-Is and Make Sure You’re Protected

HomeLight

An inspection can tell you upfront the exact issues with the house so you know what money you might have to spend down the line. It’s also wise to add an inspection contingency in your purchase contract , so if the inspection shows more repairs than you expected, you can walk away.

As-is 100
article thumbnail

How Much Your Inspection Will Cost, And What It Will Tell You

HomeLight

What is a home inspection? When you make an offer on a home, your agent will probably advise you to include an inspection contingency. The cost for a home inspection for a condominium can be less, sometimes just $200, if it’s a smaller unit. Waiving the home inspection contingency could sweeten your offer.