You may have heard about the word contingency in an offer when you’re buying a home. But what is a contingency and how can it protect you as a buyer?
A contingency is a condition that allows the buyer to get out of the purchase contract without penalty if that condition is not met.
There are three major contingencies:
1. Home inspection contingency
2. Appraisal contingency
3. Loan contingency
If any of these contingencies are removed from the purchase contract, this means that the buyer waives his right on that particular matter and is obligated to go through with the purchase. That’s why it’s not advisable to remove contingencies when you’re submitting an offer.
It’s critical to work with a professional experienced realtor in this market so If you’re looking to buy or sell a house, give me a call today 😎📲
Watch the FULL explanation here:
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