Common Real Estate Contingencies

Published On: May 24th, 2017|Categories: Blog, Buying|Tags: Appraisal, Contingency, Financing, Inspection, Real Estate Contingencies|

Whether you’re buying a luxury home for sale in Aspen, a ranch in Basalt, or a condo for sale in Snowmass, your Aspen Realtor® will build contingencies in your real estate purchase contract to protect you during the deal.

What Are Contingencies?

Contingencies are an “if this, then that” scenario. If something happens that would derail your deal, the contingency that your agent builds into your contract will allow you to walk away without being burned.
Some of the most common real estate contingencies have to do with appraisals, home inspections, and financing.

Three Common Real Estate Contingencies

Your agent will talk to you about all the possible contingencies he or she can build into your contract, but these are the most common.

Contingent on Appraisal

If the home’s appraised value is lower than your purchase offer, this contingency can allow you to back out of the deal.

Contingent on Inspection

If the home inspection turns up something big—or even something minor—you may be able to walk away from the transaction if the seller won’t fix it or make price accommodations.

Contingent on Financing

Nobody wants to be stuck buying a home they can’t pay for, so if you’re unable to obtain financing, this contingency lets you leave the deal.

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