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\n <\/div>\n \n Yes, You Can Buy Before You Sell. Why Move Twice?<\/h3>\n
Through our Buy Before You Sell program, HomeLight can help you unlock a portion of your equity upfront to put toward your next home. You can then make a strong offer on your next home with no home sale contingency<\/strong>.<\/p>\n \n A mortgage contingency<\/a> is a clause found in most home purchase agreements that safeguards the buyer. It stipulates that the offer to purchase a home is contingent<\/a> upon your ability to secure a mortgage loan. This means that if you are unable to obtain the full and proper financing within a specified period, you can back out of the deal without penalty, which in most cases means you can retain your earnest money<\/a> deposit.<\/p>\n This clause can play a huge role in a home sale because it protects you from losing your earnest money deposit or facing legal action if you’re unable to secure a mortgage. It\u2019s particularly important for buyers who are not paying in cash and require a loan to complete the purchase.<\/p>\n Without a mortgage contingency, if your loan falls through, you could still be contractually obligated<\/a> to purchase the home, which could lead to significant financial and legal complications. So how do you know if waiving this clause is right for you?<\/p>\n Deciding whether to waive the mortgage contingency is a significant choice that hinges on your personal circumstances and the current housing market<\/a> where you\u2019re shopping for a home. Waiving this contingency can make your offer more attractive to sellers, particularly in a competitive market where multiple offers are common. It signals to the seller that you’re committed and confident in your ability to secure financing without the need for this safety net.<\/p>\n In some cases, a seller with multiple offers may actually ask you to waive the mortgage contingency.<\/p>\nWhat is a mortgage contingency?<\/h2>\n
Should I waive the mortgage contingency?<\/h2>\n