Whether you’re looking for a luxury home for sale in Carbondale, a farm or ranch, or a Carbondale condo, you’ll probably have contingencies built into your real estate purchase contract when you make an offer.
But what are contingencies, and how do they help you?
What Are Contingencies in Real Estate?
Real estate contingencies are safeguards that help make sure the final steps in a closing run smoothly as property changes ownership. A contingency simply means that an offer has been made and accepted on a home, but there are some conditions that need to be met before the deal is officially complete. There are three major categories for contingencies: home inspection, appraisal, and mortgage approval.
Contingencies exist to protect buyers in the event that an issue causes them to need to back out of an offer. This usually means that buyers can back out of a contingent offer without losing any deposits made. The seller cannot deal with another buyer during the contingency period, though they may entertain other offers until the contingent offer is completed or withdrawn.
A home inspection contingency is highly recommended for all buyers. A thorough inspection will let buyers know what the seller needs to do to repair the home before they take ownership. More serious problems may result in the offer being completely rescinded.
An appraisal contingency allows you to back out of your offer if the appraised value of the house is lower than the sale price. In this situation, the buyer has the right to keep their deposit.
Finally, a mortgage contingency protects both buyers and sellers in the event that an acceptable mortgage cannot be secured if the home is being financed. It gives the buyer a certain amount of time to find a mortgage or back out of their deal if they can’t find a loan. In this case, the buyer keeps the deposit.
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