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\n <\/div>\n \n Step one: Talk to a few buyer's agents!<\/h3>\n
Tell us a little bit about your plans (where you’re looking to buy and when you want to make a purchase) and we’ll connect you with top-rated buyer’s agents in your area. It takes only a few minutes, and it’s free.<\/p>\n \n
Are contingencies common in real estate?<\/h2>\n
Many real estate contracts contain contingencies. It\u2019s also true that most real estate contracts, even those with contingencies, end up closing. As of November 2024, only 6% of real estate contracts<\/a> were terminated. So, if you\u2019re buying a house and see a listing that\u2019s contingent, it\u2019s likely going to be fully off the market soon. If you receive a contingent offer as a seller, statistically speaking, that deal is likely to still close.<\/p>\n That said, contingencies in a real estate contract do create some uncertainty.<\/p>\n \u201cAll the way until the very last day before we close on your house, the buyer can cancel. And most likely, the way most of our contracts read, they could get their deposit back,\u201d says top real estate agent Liz Donnelly<\/a>, who closes 11% more sales than the average agent in Ventura, CA.<\/p>\n Here are the four most common contingencies in real estate contracts:<\/p>\n Buyers often want a home inspection<\/a> to protect their interest \u2014 they want to lift the hood of the car so to speak before they commit to buying. Buyers can also use the home inspection report as leverage to negotiate a better deal, asking you to complete repairs or offer repair credits<\/a>. If you refuse and you can\u2019t come to an agreement, they\u2019re free to walk away.<\/p>\n It\u2019s standard for lenders to require a home appraisal to ensure they aren\u2019t lending more than the property\u2019s fair market value. With an appraisal contingency<\/a>, your home must appraise for an equal or higher value than the buyer\u2019s offer for the sale to close. If the appraisal comes in low, you\u2019ll need to negotiate a lower sale price, ask if the buyer can make up the difference in cash, or challenge the first appraisal<\/a> if there\u2019s reason to believe it was flawed.<\/p>\n","protected":false},"excerpt":{"rendered":" We\u2019ll get you up to speed on contingencies and help you navigate your best course of action when you receive a contingent offer on your home.<\/p>\n","protected":false},"author":111,"featured_media":53127,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"cybocfi_hide_featured_image":"","footnotes":""},"categories":[322,341],"tags":[766],"class_list":["post-17523","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-logistics","category-closing","tag-what-does-contingent-mean-in-real-estate"],"acf":[],"yoast_head":"\nWhat are the most common contingencies?<\/h2>\n
Inspection contingency<\/h3>\n
Appraisal contingency<\/h3>\n